Bitcoin

Read

Bitcoin mining giant Hut 8 announced a $150 million strategic funding from Coatue to emerge as a “leader in the AI infrastructure market.” 
Miami-based <a href="https://crypto.news/tag/bitcoin/" target="_blank" rel="">Bitcoin</a> mining firm <a href="https://crypto.news/tag/hut-8/" target="_blank" rel="">Hut 8</a> announced on Monday it has raised $150 million to bolster its data center capabilities for artificial intelligence (<a href="https://crypto.news/tag/ai/" target="_blank" rel="">AI</a>). 
The funding, structured through convertible notes with an 8% annual interest rate, aims to support Hut 8’s expansion into AI infrastructure to meet growing market demand and position itself as a leader in the sector. While specific details on the location of Hut 8’s new platform are unclear, the funding is expected to help the company address “unmet demand and emerge as a leader in the AI infrastructure market.” 
Apart from operations in the U.S., Hut 8 also operates several crypto mining sites in Canada, but has <a href="https://crypto.news/bitcoin-mining-canada-hut-8/" target="_blank" rel="">scaled back</a> its presence there recently due to rising energy costs. 
 You might also like: <a href="https://crypto.news/hut-8-ceo-forecasts-decline-in-bitcoin-mining-bankruptcies-amid-scale-shift/" rel=""> Hut 8 CEO forecasts decline in Bitcoin mining bankruptcies amid scale shift </a> 
Addressing the deal, Hut 8 chief executive Asher Genoot said the proceedings will allow the company to unlock “significant opportunities and connectivity to the broader space as we enter this next phase of growth.” 
“We are thrilled to be partnering with Coatue, given the firm’s deep expertise and long track record of investments in the AI ecosystem,” said Genoot 
The convertible notes issued will have an initial term of five years, with options for three one-year extensions, offering flexibility in repayment terms, the press release reads. Coatue’s latest investment isn’t its first venture into the AI industry as the investment manager has previously backed a variety of AI firms, including OpenAI and CoreWeave. 
As crypto.news <a href="https://crypto.news/hut-8-revenue-increase-bitcoin/" rel="">reported</a> previously, Hut 8 increased its revenue to $60.6 million for the six months ending Dec. 31, 2023. The company’s earnings report also highlighted a 32% revenue increase and a significant rise in net income to $6.2 million, compared to the prior period’s net loss. 
 Read more: <a href="https://crypto.news/marathon-digital-pays-hut-8-13-5m-to-run-two-bitcoin-mining-sites/" rel=""> Marathon Digital pays Hut 8 $13.5m to run two Bitcoin mining sites </a>

Bitcoin miner Hut 8 secures $150m funding to build AI infrastructure platform

crypto.news

دیگر آرٹیکلز 24 جون، 2024 پر پبلش کیے گئے ہیں

Top Altcoins to Stack for 100X Gains

What’s Behind the Sharp Decline in Major Cryptos?

Bitcoin Aiming for $90,000: Prepare for the Rally!

Crypto investment products see $584M outflow as Bitcoin descends to $60K

Solana launches ZK compression, a new feature that drastically cuts costs

Stake, Play, and Earn: MemeVerse Introduces $MVO Token Presale

Join our free newsletter for daily crypto updates!