Bitcoin Mining Company HUT 8 has built four new Bitcoin mining sites in Texas, Louisiana and Illinois, adding 1.5 gigawatts of capacity as US miners tighten their global hashrate grip.
According to a announcement Tuesday, the expansion aims to expand the company’s geographic footprint and target markets “where energy demand () rises the fastest.”
According to Google Finance, Nasdaq’s eight shares of Hut rose 10.5% on Tuesday after its announcement. The company said its current 1 gigawatt capacity is 90% acquisition.
“By advancing capacity of over 1.5 gigawatts, we position ourselves beyond a scale of more than twice the platform, addressing demand that accelerates in energy-intensive use cases,” said Hut 8 CEO Asher Genoot.
According to Fintech Platform Onesafe, US miners control 75.4% of the world’s hashrate. In 2024, Crypto Mining created over 31,000 jobs in the United States. Domestic Bitcoin Miners include CleanSpark, Core Scientific, and Gryphon Digital Mining.
The company described the new facility as suitable for “energy-intensive use cases.” This may include industrial applications such as high-performance computing, Bitcoin mining, and next-generation manufacturing. It supplies energy to the artificial intelligence sector beyond mining.
Hut 8 is the parent company of American Bitcoin, a Bitcoin mining and finance company linked to the Trump family. There are facilities scattered throughout Canada and the United States. Most of the facilities in the US are located in Texas.
Related: Bitcoin Minor Hat8 grows 79% hashrate despite a quarterly loss of $134 million
Amidst the change in industry, Bitcoin mining regulations are put into states
HUT 8 is expanding to states with a variety of rules regarding Bitcoin mining when the industry itself is moving.
In Texas, “cryptocurrency mining facilities” with power of 75 megawatts or more must be registered with the Texas Public Utilities Commission. A push towards registration will be made as the state’s energy grid involves mount and tech companies moving to Lone Star State.
In June 2024, Louisiana passed a bill that included support for Bitcoin miners in industrial areas, seeking to boost the local economy by attracting new businesses. The bill also banned central banks’ digital currency and rights to self-reliance.
Illinois has not passed certain cryptocurrency mining regulations, but Bitcoin mining facilities have emerged in places like Bloomington Normal and Effingham.
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