United

Bitcoin

Million

when

Hut 8, one of the top Bitcoin mining companies in North America, has announced a significant expansion of its operations in Texas. According to a July 9 press release, the firm has entered into a purchase agreement for 205 megawatts of power and land in West Texas.&nbsp; 
This deal is expected to increase Hut 8’s energy infrastructure platform to approximately 1.3 gigawatts of capacity. 
According to the <a href="https://hut8.com/2024/07/09/hut-8-executes-definitive-agreements-for-site-in-west-texas-with-205-mw-of-immediately-available-power-capacity/" target="_blank" rel="noopener">press release</a>, the newly acquired site is situated adjacent to a wind farm and is connected to the Electric Reliability Council of Texas (ERCOT) grid. ERCOT is responsible for managing the flow of electric power to about 90% of the state’s electric load. 
Hut 8 reports that this positioning will allow the company to access “some of the lowest locational wholesale power pricing in North America.” 
Asher Genoot, CEO of Hut 8, emphasized the nature of this agreement, stating, “This is the first time a large data center load has been approved under the complex regulatory framework in this particular market.” 
This expansion follows Hut 8’s merger with US Bitcoin Corp in December 2023, a deal valued at $725 million that formed a new entity and signaled the company’s increased focus on the United States market.&nbsp; 
In February, Hut 8 initiated construction on a new 63-megawatt mining facility in Culberson County, which the company claims will deliver 30% lower mining costs compared to its other U.S. operations. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 It’s a great day to build, esp. when it’s at a 40% savings over buying turnkey sites! Construction is underway at our newest site in Culberson County, TX: expected to come online in Q2, the 63 MW site is expected to have up to 3.6 EH/s of self-mining capacity. More info in our… <a href="https://t.co/LEG347mrEu" target="_blank">pic.twitter.com/LEG347mrEu</a>— Hut 8 (@Hut8Corp) <a href="https://twitter.com/Hut8Corp/status/1762458733391618287?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">February 27, 2024</a>
 </blockquote> 
 </div>
</figure> 
This move by Hut 8 reflects a broader trend in the Bitcoin mining industry, as companies seek to diversify revenue streams and increase their hashrate in response to the recent Bitcoin halving event in April.&nbsp; 
Moreover, other major players in the field are making similar moves. For instance, CleanSpark recently <a href="https://www.cryptotimes.io/2024/06/19/cleanspark-expands-bitcoin-mining-operations-with-25-6m-deal/">announced</a> an agreement to acquire five mining facilities in Georgia for $25.8 million, with an expected processing power exceeding 3.7 exahashes per second (EH/s). 
 At the time of writing, Bitcoin is trading at $57,908, representing a 2.4% increase over the previous 24 hours according to <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener">CoinMarketCap</a>. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/07/02/hut-8-announces-closing-of-150-million-coatue-investment/">Hut 8 Announces Closing of $150 Million Coatue Investment</a> 
</blockquote>

Hut 8 to Expand Texas Operations Following a 205 MW Power Purchase Deal

The Crypto Times

Weitere Artikel, die am 9. Juli 2024 veröffentlicht wurden

TON Blockchain Team Announces New Protocol at Ethereum Community Conference

Bitcoin Price Drops as Investors Adjust Strategies

Chainlink [LINK] turns bullish: Rally ahead, or simply a spike?

EOS Network Introduces 250M EOS Staking Program

Former FTX Executives Will Be Found Guilty By Year's End After Exchange Crash Crisis

Sovereign Nature Initiative Unveils DOTphin on Polkadot to Drive Environmental Progress

Abonniere unseren kostenlosen Newsletter und erhalte tägliche Krypto-Updates!