{"id":15064,"date":"2024-07-09T16:41:08","date_gmt":"2024-07-09T13:41:08","guid":{"rendered":"https:\/\/forklog.com\/en\/hut-8-to-expand-bitcoin-mining-capacity-to-1-3-gw\/"},"modified":"2024-07-09T16:41:08","modified_gmt":"2024-07-09T13:41:08","slug":"hut-8-to-expand-bitcoin-mining-capacity-to-1-3-gw","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/hut-8-to-expand-bitcoin-mining-capacity-to-1-3-gw\/","title":{"rendered":"Hut 8 to Expand Bitcoin Mining Capacity to 1.3 GW"},"content":{"rendered":"<p>Mining firm Hut 8 has finalized an agreement to purchase electricity for a site in Texas, granting immediate access to land and a capacity of 205 MW.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">Hut 8 has executed definitive agreements for a 205 MW greenfield site in West Texas, expanding our energy infrastructure platform to approximately 1.3 gigawatts.<\/p>\n<p>This transaction marks several firsts, including:<br \/>\u2014 The first transaction to convert from our previously announced\u2026 <a href=\"https:\/\/t.co\/x5YRLVDxtL\">pic.twitter.com\/x5YRLVDxtL<\/a><\/p>\n<p>\u2014 Hut 8 (@Hut8Corp) <a href=\"https:\/\/twitter.com\/Hut8Corp\/status\/1810645085672919438?ref_src=twsrc%5Etfw\">July 9, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cFor the first time, a large data center load has been approved under a complex regulatory framework in this particular market,\u201d commented Hut 8 CEO Asher Genut.<\/p>\n<\/blockquote>\n<p>According to him, the deal required resolving a number of \u201ccommercial, legal, and regulatory nuances for each of the stakeholders.\u201d<\/p>\n<p>The company noted that the site is located near a wind farm and is connected to the ERCOT operator&#8217;s grid. This provides access to the local wholesale electricity market with the lowest prices in North America.<\/p>\n<p>The site has an existing substation, and work is currently underway on the design and construction of a new data center.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cThe facility is well-positioned to support high-performance computing, including bitcoin mining and AI. Hut 8 is finalizing the commercialization plan for the site to maximize its value,\u201d the company stated.<\/p>\n<\/blockquote>\n<p>It is anticipated that upon completion of the deal, the total capacity owned or managed by Hut 8 will reach 1.3 GW.<\/p>\n<p>The company&#8217;s expansion follows the raising of $150 million from Coatue Management to develop infrastructure.<\/p>\n<p>Earlier, Upstream Data stated that after the <a href=\"https:\/\/forklog.com\/en\/news\/bitcoin-undergoes-fourth-halving\">April halving<\/a>, miners began \u201csurvival games.\u201d<\/p>\n<p>Experts at CryptoQuant noted a reduction in bitcoin reserves held by cryptocurrency miners and suggested their potential capitulation.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Mining firm Hut 8 has finalized an agreement to purchase electricity for a site in Texas, granting immediate access to land and a capacity of 205 MW. Hut 8 has executed definitive agreements for a 205 MW greenfield site in West Texas, expanding our energy infrastructure platform to approximately 1.3 gigawatts. This transaction marks several [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":15063,"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],"class_list":["post-15064","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cryptocurrency-mining","tag-hut-8"],"aioseo_notices":[],"amp_enabled":true,"views":"47","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/15064","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=15064"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/15064\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/15063"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=15064"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=15064"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=15064"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}