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Hut 8 Expands Crypto Mining with New Power Deal in West Texas

Hut 8 Expands Crypto Mining with New Power Deal in West Texas

Key takeaways:




Hut 8, a Bitcoin miner, has come to an agreement to boost its capacity for mining in Texas. 



Hut 8 claims that it can now acquire some of North America’s lowest locational wholesale power rates.




Hut 8, a Bitcoin miner, has come to an agreement to boost its capacity for mining in Texas. 



The corporation obtained a purchase deal for 205 megawatts of power and land in West Texas, according to an announcement made on July 9. Hut 8’s energy infrastructure platform is anticipated to reach a capacity of roughly 1.3 gigawatts following the deal.



The Electric Reliability Council of Texas (ERCOT), which oversees the distribution of electricity to over 90% of the state’s electric load, is connected to the site, which sits next to a wind farm. Hut 8 claims that it can now acquire some of North America’s lowest locational wholesale power rates. Asher Genoot, Hut 8’s CEO, stated :




“This is the first time a large data center load has been approved under the complex regulatory framework in this particular market,”




In a $725 million merger, Hut 8 and US Bitcoin Corp combined to form a new company in December 2023. The business has been expanding its footprint in the US ever since. 



In Culberson County, Hut 8 began building a new 63 megawatt mining facility in February. According to the corporation, the new operation will result in 30% reduced mining expenses than its existing mining sites across the nation.



Following the latest halving in April, bitcoin miners have been pursuing various measures to broaden their revenue streams for data centers and boost their hashrate. These measures include partnerships, mergers, and acquisitions.



Recently, CleanSpark announced that it has reached a deal to buy five Georgian mining sites. The $25.8 million contract is expected to have processing power exceeding 3.7 exahashes per second (EH/s). The electricity production of the mining sites varies between 8 and 15 megawatts, with a total of 60 megawatts.



Prior to the income reduction, publicly-traded Bitcoin mining companies raised $2 billion in equity funding. Marathon Digital , CleanSpark, and Riot Platforms led the fundraising efforts. By the end of March, they had substantial Bitcoin reserves and over $1.33 billion in cash.



CryptoQuant research indicates that following the halving, miners’ daily earnings have decreased by 63%. As of this writing, the price of Bitcoin is $57,683, up 3.3% in the past day and 28.1% year to date.

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