Hut 8, a company involved in Bitcoin
These sites will be located in Texas, Louisiana, and Illinois and are expected to provide an additional 1.5 gigawatts of capacity, according to a press release dated August 26.
The decision is part of the company’s effort to grow its presence in areas where electricity demand is increasing quickly.
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Hut 8 already manages facilities across North America, with a strong focus on Texas. The new builds aim to balance this setup and serve more markets. According to the company, its existing 1 gigawatt of capacity is nearly full, with about 90% already in use.
The company’s CEO, Asher Genoot, explained that adding these new sites gives Hut 8 a chance to grow and meet rising interest in services that require a lot of energy. These include not only Bitcoin mining but also artificial intelligence (AI) processing and advanced manufacturing.
While mining remains a core focus, Hut 8 also provides energy to industries that rely on large-scale computing.
The company’s share price on the Nasdaq rose by 10.5% on the day of the announcement. This jump followed investor optimism around the company’s decision to expand in high-growth areas.
Hut 8 also owns American Bitcoin, a mining and treasury business connected to the Trump family.
Union Jack Oil recently announced plans to use natural gas from its West Newton site to power Bitcoin mining. How will it work? Read the full story.
