Bitcoin miner Hut 8 announces 1.5GW expansion in the US, stock rises 10%

Bitcoin mining institution Hut 8 is gathering 4 caller Bitcoin mining sites successful Texas, Louisiana and Illinois, adding 1.5 gigawatts of capableness arsenic US miners tighten their grip connected the planetary hash rate.

According to a Tuesday announcement, the enlargement is aimed astatine broadening the company's geographic footprint and people markets wherever “energy request [is] rising astir rapidly.”

Hut 8 shares connected Nasdaq soared arsenic overmuch arsenic 10.5% connected Tuesday pursuing the announcement, according to Google Finance. The institution said its existent 1 gigawatt capableness has been 90% taken up.

“By advancing much than 1.5 gigawatts of capacity… we presumption ourselves to much than treble the standard of our level and code accelerating request crossed energy-intensive usage cases,” Hut 8 CEO Asher Genoot said.

According to fintech level OneSafe, US miners power 75.4% of the planetary hash rate. In 2024, crypto mining created implicit 31,000 jobs successful the United States. Bitcoin miners successful the state see CleanSpark, Core Scientific, and Gryphon Digital Mining, among others.

Hut 8 stock price. Source: Google Finance

The institution described the caller facilities arsenic suited for “energy-intensive usage cases,” which whitethorn see high-performance computing, Bitcoin mining and concern applications similar next-generation manufacturing. Beyond mining, it besides supplies vigor to the artificial quality sector.

Hut 8 is the genitor institution of American Bitcoin, a Bitcoin mining and treasury institution linked to the Trump family. It has facilities scattered passim Canada and the United States. The bulk of its US facilities are located successful Texas.

Related: Bitcoin miner Hut 8 grows hashrate 79% contempt $134M quarterly loss

State Bitcoin mining regulations amid changing industry

Hut 8 is expanding into states with varying rules connected Bitcoin mining, astatine a clip erstwhile the manufacture itself is successful transition.

In Texas, “virtual currency mining facilities” with a powerfulness of much than 75 megawatts indispensable register with the Public Utility Commission of Texas. The propulsion to registry comes arsenic authorities vigor grid concerns equine and tech companies determination to the Lone Star State.

In June 2024, Louisiana passed a measure that contained enactment for Bitcoin miners successful concern areas, seeking to boost the section system by attracting caller businesses. The measure besides came with a prohibition connected cardinal slope integer currencies and a close to self-custody.

Illinois has not passed circumstantial cryptocurrency mining regulations, but Bitcoin mining facilities person emerged successful places similar Bloomington-Normal and Effingham.

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