Hut 8 to Operate Celsius Mining Site in Texas

November 27, 2023 Image Credit: Pinterest December 19, 2023

Mining Agreement with Hut 8

Bitcoin miner Hut 8 signs interim agreement to build and operate mining operations for bankrupt crypto lender Celsius in Cedarvale, Texas. Image Credit: Pinterest

Scale of Mining Site

The proposed site will host 66,000 miners powered by over 215 MW of energy. Image Credit: Pinterest

Construction Timeline

Construction for the mining site, managed by Hut 8, set to begin in a few weeks, providing end-to-end development services. Image Credit: Geekwire

Hut 8's Dual Goal

Hut 8 aims to build equity with Celsius creditors and strengthen its managed services business, anticipating over 895 MW of infrastructure. Image Credit: Pinterest

Market Response

The news has a minimal impact on Hut 8 shares, down by around 1% pre-market to $10.40. Image Credit: Shutterstock

Hut 8 Background

Newly launched Bitcoin mining firm formed from the merger of Hut 8 Mining Corp. and US Bitcoin Corp (USBTC). Image Credit: Behance

Celsius’s Bankruptcy Resolution

Celsius, a bankrupt crypto lender, faces regulatory actions but is gradually concluding its bankruptcy process, allowing withdrawals for eligible custody users. Image Credit: Pinterest More stories...