Hut 8 to Establish New Bitcoin Mining Site in Texas Amid Celsius Network Bankruptcy Proceedings
Summary:
Hut 8, a Canadian Bitcoin mining firm, has entered a provisional agreement to develop a new mining station in Cedarvale, Texas, linked to Celsius Network's bankruptcy proceedings. The site will accommodate roughly 66,000 miners and operate on over 215 MW of power. The project, targeting creditor equity and business growth, will expand Hut 8's infrastructure to 895 MW. Construction is set to start soon, with Hut 8 overseeing all development aspects.
Hut 8, a Canadian firm specializing in Bitcoin mining, has entered into a provisional agreement to initiate the development of a fresh mining station in Cedarvale, Texas. This move is related to the ongoing bankruptcy procedures of the Celsius Network. On December 18, Hut 8 unveiled plans to establish a mining center which will accommodate close to 66,000 miners and operate on over 215 megawatts (MW) of power.
The company's president, Asher Genoot, stated that this pact aims to achieve two primary objectives: to garner equity with the Celsius creditors and simultaneously enhance the potency of their managed services operations. "When this site becomes fully operational, we foresee our infrastructure expanding to more than 895 MW", noted Genoot.
In line with the temporary agreement with Celsius, Hut 8 is committed to overseeing a comprehensive range of development services for the Cedarvale site. The commencement of construction is predicted in the ensuing weeks. Hut 8 will take charge of a variety of tasks including designing, engineering, financial modeling, budgeting, accounting, managing construction, procurement, logistics, and coordination of RFP.
This news is currently unfolding, and additional details will be reported as more information comes in.
Published At
12/18/2023 2:54:39 PM
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