Bitcoin miner Hut 8 announces 1.5GW expansion in the US, stock rises 10%

Labeled for “energy-intensive use cases,” the facilities in Texas, Louisiana and Illinois could support both Bitcoin mining and artificial intelligence workloads.

Bitcoin mining company Hut 8 is building four new Bitcoin mining sites in Texas, Louisiana and Illinois, adding 1.5 gigawatts of capacity as US miners tighten their grip on the global hash rate.

According to a Tuesday announcement, the expansion is aimed at broadening the company's geographic footprint and target markets where “energy demand [is] rising most rapidly.”

Hut 8 shares on Nasdaq soared as much as 10.5% on Tuesday following the announcement, according to Google Finance. The company said its current 1 gigawatt capacity has been 90% taken up.

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