March 3rd, 2024

Hut 8 wins major contract to build out crypto farm in Texas

By Medicine Hat News on December 20, 2023. Hat News

Hut 8 has won a contract to build out a 225-megawatt crypto farm in Texas for another company, the firm that has major operations in Medicine Hat has announced.

Hut 8 will complete a site at Cederville, Tex. that had been the subject of bankruptcy proceedings and litigation between its two initial developers.

Court approval in the state this week finalized a deal that will see “Celsius” debtors take ownership of the half-complete facility for US$14 million. Hut 8 will complete the construction of the site with 66,000 mining terminals.

“Our goal is twofold,” said Asher Genoot, president of Hut 8. “Build equity with creditors of Celsius while also growing the strength and vitality of our managed services business, which we anticipate will have more than 895 MW of infrastructure under our umbrella once the site is up and running.”

The contract will involve “end-to-end” development of the site, according to a release.

The size of the facility, processing capacity and electricity draw at the new mine will be about four times the size of Hut 8’s five-year-old facility in Medicine Hat.

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