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Bitcoin miner Hut 8 secures 205MW site in Texas to upgrade its capacity to 1.3GW

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Hut 8 mentioned it has entered into an influence buy settlement for a website in West Texas with entry to 205 megawatts.

Bitcoin mining firm Hut 8 is gearing as much as increase its infrastructure platform considerably with the most recent settlement that provides the Miami-headquartered miner entry to 205 megawatts in West Texas.

In a Tuesday press launch, Hut 8 mentioned the positioning is adjoining to a wind farm and related to the Electrical Reliability Council of Texas grid, providing entry to “a number of the lowest locational wholesale energy pricing in North America.”

“The location is well-positioned to assist quite a lot of high-density compute functions, together with Bitcoin mining and AI. Hut 8 is finalizing a commercialization plan for the positioning with the purpose of maximizing its worth,” a spokesperson for Hut 8 added.

You may also like: Marathon Digital pays Hut 8 $13.5m to run two Bitcoin mining websites

Whereas monetary particulars weren’t disclosed, the transaction continues to be “topic to the satisfaction of customary circumstances.” Nonetheless, it’s understood that with the most recent enlargement, the corporate is on monitor to increase its power infrastructure platform to “roughly 1.3 gigawatts.”

Hut 8 chief government Asher Genoot identified that the settlement is the “first time a big knowledge middle load has been authorised beneath the complicated regulatory framework on this explicit market.”

For the Miami-headquartered miner, the most recent enlargement follows Hut 8’s current milestone of securing a $150 million strategic funding from Coatue to bolster its place within the synthetic intelligence (AI) infrastructure market. The funding, structured by way of convertible notes with an 8% annual rate of interest, goals to assist Hut 8’s strategic transfer into AI infrastructure to fulfill rising market calls for.

Learn extra: Hut 8 CEO forecasts decline in Bitcoin mining bankruptcies amid scale shift

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