Feb 27, 10:06 PM

Hut 8 Funds 63MW Texas Mining Site with Bitcoin for Q2 2024 Launch

Hut 8, a Bitcoin mining firm, has announced plans to utilize its Bitcoin holdings, specifically 9,000 BTC worth approximately $515 million as of the end of January, to fund the development of a new 63-megawatt mining site in Texas. The company aims to have the Texas mining site operational by the second quarter of 2024. This strategic move to leverage Bitcoin reserves for growth signifies a shift in the company's approach to funding its expansion efforts. The decision to use Bitcoin for funding was made on a case-by-case basis, primarily to support capital expenditures for the new facility in Culberson County.

#Bitcoin #Texas #Culberson County

Written with ChatGPT (GPT-4).