Hut 8, a Bitcoin mining company, is establishing four new mining locations in Texas, Louisiana, and Illinois, adding 1.5 gigawatts to its capacity as U.S. miners reinforce their influence over the global hash rate.
Per a Tuesday announcement, the expansion aims to diversify the company’s geographic reach and target rapidly growing energy demand markets.
Hut 8’s shares surged by as much as 10.5% on Tuesday following this announcement, according to Google Finance. The company noted that its existing 1 gigawatt capacity is nearly fully utilized.
“By advancing more than 1.5 gigawatts of capacity… we position ourselves to more than double the scale of our platform and meet accelerating demand across energy-intensive use cases,” stated Hut 8 CEO Asher Genoot.
According to fintech platform OneSafe, U.S. miners control 75.4% of the global hash rate. In 2024, the crypto mining sector created over 31,000 jobs in the United States, with notable miners including CleanSpark, Core Scientific, and Gryphon Digital Mining, among others.
Hut 8 share price. Source: Google Finance
The company characterized its new facilities as ideal for “energy-intensive use cases,” encompassing high-performance computing, Bitcoin mining, and industrial applications such as next-generation manufacturing. Additionally, it provides energy to the artificial intelligence sector.
Hut 8 operates as the parent company of American Bitcoin, a Bitcoin mining and treasury firm associated with the Trump family. Its facilities are spread across Canada and the United States, with the majority based in Texas.
Related: Bitcoin miner Hut 8 grows hashrate 79% despite $134M quarterly loss
State Bitcoin mining regulations amid changing industry
Hut 8 is expanding into states with diverse regulations on Bitcoin mining, during a period of transition for the industry.
In Texas, “virtual currency mining facilities” exceeding 75 megawatts are required to register with the Public Utility Commission of Texas, prompted by increasing concerns over the state’s energy grid as tech companies migrate to the Lone Star State.
In June 2024, Louisiana enacted legislation supporting Bitcoin miners in industrial areas to stimulate local economies by attracting new businesses, alongside a ban on central bank digital currencies and a right to self-custody.
Illinois has yet to implement specific regulations on cryptocurrency mining, yet Bitcoin mining facilities have appeared in areas like Bloomington-Normal and Effingham.
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