Bitcoin Miner Hut 8 announced the expansion of 1.5gw in the US, stock increases by 10%
Bitcoin Mining Company Hut 8 is building four new Bitcoin mining sites in Texas, Louisiana and Illinois, which adds 1.5 gigawatts of capacity as US miners tighten their grip at the global hash rate.
According to a Tuesday announcementThe expansion aims to expand the company’s geographic footprint and target markets where “energy demand (IS) is rising rapidly.”
Hut 8 shares the NASDAQ for approximately 10.5% on Tuesday following the announcement, according to Google Finance. The company said the current 1 Gawinatt capacity was 90% taken.
“By advancing more than 1.5 gigawatts of capacity … we put ourselves in more than double the size of our platform and address that will accelerate demand in cases of energy use,” Hut 8 CEO Asher Genoot said.
According to In the Fintech OneSafe’s fintech platform, US Miners control 75.4% of the global hash rate. In 2024, crypto mining Created by more than 31,000 jobs in the United States. Bitcoin miners in the country include Cleanspark, Core Scientific, and Gryphon Digital Mining, among others.
The company described new facilities suitable for “energy use cases,” which may include high performance computing, bitcoin mining and industrial such as manufacturing the next generation. Beyond mining, it also provides energy to the artificial intelligence sector.
Hut 8 is the parent company of American Bitcoin, a mining company and treasury linked to the Trump family. It has facilities scattered throughout Canada and the United States. Most of its US facilities are located in Texas.
Related: Bitcoin Miner Hut 8 grows Hashrate 79% in spite of $ 134m quarterly loss
State bitcoin mining regulations amidst the industry’s change
Hut 8 expands in states with various Bitcoin mining rules, at a time when the industry itself is in the move.
In Texas, the “virtual currency mining facility” with a force of more than 75 megawatts should Register with the Public Utility Commission of Texas. Pushing to register came as the state’s energy grid concerns moved to lone star companies.
In June 2024, Louisiana passed A bill that contains support for Bitcoin miners in industrial areas, seeking to boost the local economy by attracting new businesses. The bill also came with a ban on digital currencies in the central bank and a right to self-custody.
Illinois has not passed specific cryptocurrency mining regulations, but bitcoin mining facilities have emerged in areas such as Bloomington-Normal and Effingham.
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