- Hut 8 is developing four new Bitcoin mining facilities in Texas, Louisiana, and Illinois, expanding its capacity by 1.5 gigawatts.
- The company aims to target areas with fast-growing energy demand and broaden its geographic reach in the United States.
- Its current 1-gigawatt capacity is nearly fully utilized, leading to a significant jump in Hut 8‘s Nasdaq share price after the announcement.
- The United States now accounts for about 75% of the global Bitcoin mining hash rate, with over 31,000 jobs created by the crypto mining sector in 2024.
- Regulation for Bitcoin mining varies: Texas requires registration for large facilities, Louisiana recently supported miners through new legislation, and Illinois has no specific rules at present.
Hut 8, a Bitcoin mining firm, announced plans to build four new mining sites in Texas, Louisiana, and Illinois. The company is adding 1.5 gigawatts (GW) of mining capacity to meet increasing energy demand and expand its U.S. market presence.
This expansion comes as Hut 8 reports that its existing 1 GW capacity is already 90% in use. Following news of the expansion, Hut 8 shares on Nasdaq rose by as much as 10.5%, according to Google Finance. CEO Asher Genoot stated, “By advancing more than 1.5 gigawatts of capacity… we position ourselves to more than double the scale of our platform and address accelerating demand across energy-intensive use cases.”
The new facilities are designed for high-energy activities like Bitcoin mining, high-performance computing, and advanced manufacturing. Hut 8 also provides power to the Artificial Intelligence sector. According to OneSafe, U.S.-based miners now control 75.4% of the world’s hash rate, a key measurement of Bitcoin network computing power. In 2024 alone, over 31,000 jobs in the United States were linked to crypto mining, with companies like CleanSpark, Core Scientific, and Gryphon Digital Mining operating alongside Hut 8.
The company, which owns American Bitcoin—a group connected to the Trump family—has mining facilities across Canada and the U.S., with many based in Texas.
State regulation of crypto mining differs. In Texas, any “virtual currency mining facility” with more than 75 megawatts of power must now register with the Public Utility Commission. Louisiana approved a law in June 2024 that encourages Bitcoin mining and bans central bank digital currencies, along with establishing the right to self-custody. Illinois has no specific cryptocurrency mining regulations, but mining operations are emerging in cities including Bloomington-Normal and Effingham.
Hut 8 continues to grow its operational scale, focusing on areas with rising electricity needs and favorable or developing regulatory conditions.
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