Hut 8 Partners with Celsius for Crypto-Mining Facility
Digital asset mining firm Hut 8 has entered into an agreement with Celsius Network to build and install crypto-mining facilities. The partnership is linked to Celsius’ bankruptcy proceedings and will involve the development of the Cedarvale site in Texas. The facility will host over 66,000 miners and will be powered by more than 215 MW of energy, with plans for further expansion. Hut 8 will provide technical and developmental services for the construction of the center, including financial modeling, procurement, and logistics. The agreement aims to benefit both companies, with Hut 8 seeking growth in the mining sector and Celsius in need of fresh capital.
Hut 8 Aims for Growth
The partnership between Hut 8 and Celsius is expected to benefit and scale up the operations of both firms. Hut 8 currently manages 680 MV of energy in its mining locations in North America and aims to increase this number through the collaboration. Hut 8’s expertise in managing mining infrastructure played a key role in securing the partnership. As digital asset miners prepare for the upcoming halving, they are positioning themselves to be more efficient and profitable as asset prices rise.
Hot Take: Bitcoin Miner Hut 8 Expands Operations
Hut 8’s interim agreement with Celsius is a strategic move that allows them to expand their mining operations and strengthen their position in the industry. By partnering with a company in need of fresh capital, Hut 8 can leverage its expertise to support Celsius’ growth while benefiting from increased mining capacity. With Bitcoin’s hash rate at an all-time high, this collaboration positions Hut 8 for success as they prepare for the next halving. As asset prices continue to rise, Hut 8 is well-positioned to capitalize on the growing demand for crypto-mining services.
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