The Bitcoin Hut 8 Bitcoin extraction company built four new Bitcoin extraction sites in Texas, Louisiana and Illinois, adding 1.5 capacity gigawatts while American minors tighten their grip on the world’s hash.
According to an announcement on Tuesday, the expansion aims to widen the company’s geographical footprint and the target markets where “the demand for energy (east) increases the fastest”.
According to Google Finance, Hut 8 shares on NASDAQ increased up to 10.5% after the announcement. The company said that its current 1 Gigawatt capacity was 90%covered.
“By advancing more than 1.5 capacity gigawatts … We position ourselves more than double the scale of our platform and respond to the acceleration of demand in cases of use at high energy intensity,” said Hut 8 Asher Genoot CEO.
According to the Fintech Onesafe platform, American minors control 75.4% of the world’s hash. In 2024, Crypto Mining created more than 31,000 jobs in the United States. Bitcoin minors in the country include Cleanspark, Core Scientific and Gryphon Digital Mining.
The company has described the new installations adapted to “cases of use with high energy intensity”, which may include high performance IT, Bitcoin operation and industrial applications such as new generation manufacturing. Beyond mining, it also provides energy to the artificial intelligence sector.
Hut 8 is the parent company of American Bitcoin, a bitcoin and treasury mine company linked to the Trump family. It has dispersed installations in Canada and the United States. The majority of its American facilities are located in Texas.
In relation: Bitcoin Miner Hut 8 increases the hashrate by 79% despite a quarterly loss of $ 134 million
Regulations on the exploitation of state bitcoin in the middle of the changing industry
Hut 8 develops in states with variable rules on Bitcoin exploitation, at a time when industry itself is in transition.
In Texas, “virtual currency extraction installations” with a power of more than 75 megawatts must register with the Texas Public Services Commission. The push to register has intervened while the concerns of the Mount State Energy Network and technological companies move to the Lone Star State.
In June 2024, Louisiana adopted a bill which contained support for bitcoin minors in industrial areas, seeking to stimulate the local economy by attracting new businesses. The bill also came with the prohibition of digital currencies from the Central Bank and a right to self-care.
Illinois has not adopted specific regulations for the exploitation of cryptocurrencies, but Bitcoin extraction facilities have emerged in places like Bloomington-Normal and Effingham.
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