Hut 8 CEO Says Texas Vote Leaves Beacon Point Outlook Unchanged

Hut 8 CEO Asher Genoot said the Texas election had not altered his view of Beacon Point, despite Gov.-elect Gina Hinojosa’s call to pause new data-center approvals.

At the Nov. 4 close, Hut 8 shares fell 23.23%, while Cipher Digital shares declined 19.95%. Bitcoin (BTC) rose nearly 4% that session. Hut 8 also posted third-quarter revenue of $71.1 million, down from $83.5 million a year earlier.

Hinojosa has called for pausing new data-center approvals until the state legislature adopts protections for residents. She is due to take office in January.

Both miners have major AI data-center campuses in Texas. Hut 8’s Beacon Point site has 1,000 megawatts under construction, and its first phase and Cipher’s Colchis project are awaiting the state’s grid interconnection review.

Genoot described the governor-elect’s approach as a question of how to build responsibly, rather than a ban on investment. He expects Beacon Point’s first phase to receive unconditional classification on Dec. 17.

Results from the state’s interconnection audit are expected Dec. 10, with a final decision due Dec. 17.