Hut 8 Starts Construction on 63MW Bitcoin Mining Site in Texas

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Hut 8, the North American digital asset mining giant, is making significant strides in expanding its operations with the construction of a new 63-megawatt mining facility in Culberson County, Texas. This marks the fifth mining location for the firm in the United States, signaling the company’s commitment to fortifying its presence in the digital asset mining landscape.

As reported earlier by TheCoinRise, Hut 8 confirmed record revenue from mining in March 2022 which went up by a whopping 100% in the year 2021 which is a huge deal for any crypto mining firm. 

Hut 8 to Mine BTC at a Lower Cost

The new facility is anticipated to be operational and online for miners by the second quarter of 2024. According to a press release, Hut 8 aims to mine Bitcoin (BTC) at a remarkable 30% lower cost compared to its existing sites in Texas and Nebraska. The ambitious cost-efficiency strategy is expected to enhance the company’s competitive edge in the dynamic crypto mining sector.

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Advantages of the New Site

Asher Genoot, CEO of Hut 8, highlighted the notable financial advantages of establishing the Culberson County site, emphasizing substantial cost savings in comparison to industry benchmarks. Genoot stated, 

“Compared to the benchmark of approximately $460,000 per MW set by recent acquisitions in the area, our all-in cost to design and build the Culberson County site is expected to be less than $275,000 per MW. This represents a savings of more than 40%, or approximately $18,500,000 in upfront development costs per every 100 MW of expansion.”

Hut 8 Merging with US Bitcoin Corp.

Hut 8’s aggressive expansion comes on the heels of a merger with US Bitcoin Corp. in December 2023, resulting in the formation of a new entity operating under the firm’s name. The company is now domiciled in the US and headquartered in Miami, Florida, after a reported $725 million merger. 

Despite recent challenges and accusations of a “pump and dump” by JCapital Research, Hut 8 remains focused on its growth trajectory and operational excellence.

Response to Allegations

In response to the allegations, Hut 8 categorically dismissed JCapital as a “self-proclaimed group of biased activists” with a clear profit motive tied to a decline in the company’s share price. 

The company is also navigating a class-action lawsuit, addressing claims related to alleged false statements and nondisclosures regarding USBTC’s shareholder structure, infrastructure limitations, and the overstated profitability of certain assets.

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