Hut 8 Signs Agreement for New Bitcoin Mining Site in Texas
Canadian Bitcoin mining company Hut 8 has signed an interim agreement to establish a new mining site in Cedarvale, Texas. The agreement is part of the Celsius Network bankruptcy proceedings.
The mining site will house approximately 66,000 miners and will be powered by over 215 megawatts of energy. Hut 8 President Asher Genoot stated that the agreement serves a dual purpose: building equity with Celsius creditors and expanding the managed services business. Once operational, Hut 8 will have more than 895 MW of infrastructure.
Under the interim agreement, Hut 8 will provide end-to-end development services for the Cedarvale site, including design, engineering, financial modeling, and construction management. Construction is expected to commence in the upcoming weeks.
Hot Take: Hut 8 Expands Operations with New Texas Mining Site
Hut 8’s partnership with Celsius Network’s bankruptcy proceedings marks a significant expansion for the Canadian Bitcoin mining firm. The new mining site in Cedarvale, Texas, will accommodate thousands of miners and leverage over 215 MW of energy. This strategic move not only aims to build equity with Celsius creditors but also strengthens Hut 8’s managed services business. With nearly 900 MW of infrastructure expected once operational, Hut 8 solidifies its position as a major player in the cryptocurrency mining industry.
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