Hut 8 stated it has entered into an influence buy settlement for a web site 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 newest settlement that provides the Miami-headquartered miner entry to 205 megawatts in West Texas.
In a Tuesday press launch, Hut 8 stated the positioning is adjoining to a wind farm and related to the Electrical Reliability Council of Texas grid, providing entry to “a few of the lowest locational wholesale energy pricing in North America.”
“The positioning is well-positioned to help a wide range 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 additionally like: Marathon Digital pays Hut 8 $13.5m to run two Bitcoin mining websites
Whereas monetary particulars weren’t disclosed, the transaction remains to be “topic to the satisfaction of customary circumstances.” Nonetheless, it’s understood that with the newest enlargement, the corporate is on monitor to increase its power infrastructure platform to “roughly 1.3 gigawatts.”
Hut 8 chief govt Asher Genoot identified that the settlement is the “first time a big knowledge middle load has been authorised beneath the advanced regulatory framework on this specific market.”
For the Miami-headquartered miner, the newest 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 help Hut 8’s strategic transfer into AI infrastructure to satisfy rising market calls for.
Learn extra: Hut 8 CEO forecasts decline in Bitcoin mining bankruptcies amid scale shift