{"id":11088,"date":"2024-02-27T17:45:39","date_gmt":"2024-02-27T15:45:39","guid":{"rendered":"https:\/\/forklog.com\/en\/hut-8-to-establish-63-mw-bitcoin-mining-facility-in-texas\/"},"modified":"2024-02-27T17:45:39","modified_gmt":"2024-02-27T15:45:39","slug":"hut-8-to-establish-63-mw-bitcoin-mining-facility-in-texas","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/hut-8-to-establish-63-mw-bitcoin-mining-facility-in-texas\/","title":{"rendered":"Hut 8 to Establish 63 MW Bitcoin Mining Facility in Texas"},"content":{"rendered":"<p>Mining company Hut 8 has announced the commencement of construction on a bitcoin mining facility in Culberson, Texas, with an anticipated hash rate of 3.6 EH\/s.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">It\u2019s a great day to build, esp. when it\u2019s at a 40% savings over buying turnkey sites! Construction is underway at our newest site in Culberson County, TX: expected to come online in Q2, the 63 MW site is expected to have up to 3.6 EH\/s of self-mining capacity. More info in our\u2026 <a href=\"https:\/\/t.co\/LEG347mrEu\">pic.twitter.com\/LEG347mrEu<\/a><\/p>\n<p>\u2014 Hut 8 (@Hut8Corp) <a href=\"https:\/\/twitter.com\/Hut8Corp\/status\/1762458733391618287?ref_src=twsrc%5Etfw\">February 27, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The construction of the 63 MW facility is projected to be approximately 40% cheaper than purchasing a turnkey site.<\/p>\n<p>According to a press release, recent acquisitions were made at a cost of $460,000 per MW. By building in-house, the firm expects to reduce these costs to $275,000.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cSpecifically for the Culberson County facility, we anticipate building it for $17.3 million or less, instead of approximately $29 million,\u201d stated Hut 8 CEO Asher Genoot.<\/p>\n<\/blockquote>\n<p>The company also announced a revision of its bitcoin reserve storage strategy. Hut 8 intends to utilize digital assets to fund strategic initiatives.<\/p>\n<p>Decisions regarding the sale of cryptocurrency from the balance will be made on a case-by-case basis, with the first being the expansion in Culberson.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cThe core principle of our new strategy is the thoughtful use of capital to maintain a sustainable balance and position ourselves to seize opportunities as they arise,\u201d noted Genoot, referencing the upcoming halving.<\/p>\n<\/blockquote>\n<p>According to <a href=\"https:\/\/bitcointreasuries.net\/\">Bitcoin Treasures<\/a>, the company holds 9,195 BTC valued at approximately $524 million at the time of writing.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"140\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/BitcoinTreasuries.NET-Google-Chrome-1024x140.jpg\" alt=\"BitcoinTreasuries.NET-Google-Chrome\" class=\"wp-image-226928\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/BitcoinTreasuries.NET-Google-Chrome-1024x140.jpg 1024w, https:\/\/forklog.com\/wp-content\/uploads\/BitcoinTreasuries.NET-Google-Chrome-300x41.jpg 300w, https:\/\/forklog.com\/wp-content\/uploads\/BitcoinTreasuries.NET-Google-Chrome-768x105.jpg 768w, https:\/\/forklog.com\/wp-content\/uploads\/BitcoinTreasuries.NET-Google-Chrome.jpg 1184w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Data: Bitcoin Treasures.<\/figcaption><\/figure>\n<p>Hut 8 anticipates that the cost of bitcoin mining at the new data center will be approximately 30% lower than at its existing facilities in Granbury, Texas, and Kearney, Nebraska.<\/p>\n<p>Back in December, Canada-registered Hut 8 completed a merger with the American company US Bitcoin.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Mining company Hut 8 has announced the commencement of construction on a bitcoin mining facility in Culberson, Texas, with an anticipated hash rate of 3.6 EH\/s. It\u2019s a great day to build, esp. when it\u2019s at a 40% savings over buying turnkey sites! Construction is underway at our newest site in Culberson County, TX: expected [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":11087,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1137,1136,26],"class_list":["post-11088","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cryptocurrency-mining","tag-hut-8","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"28","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/11088","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=11088"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/11088\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/11087"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=11088"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=11088"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=11088"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}