Hut 8 expands 1.5GW Mining Farm capacity in the US, stock price surges over 10%

Bitcoin (BTC) miner Hut 8 announced the construction of four large mining facilities in Texas, Louisiana, and Illinois, adding a total of 1.5 gigawatts (GW) of capacity, effectively doubling the scale of the platform. Following the announcement, the company's stock price on Nasdaq rose by 10.5% in a single day, reflecting the market's high optimism regarding its expansion plans.

1.5GW expansion plan doubles capacity

(Source: Google)

Hut 8 stated in its announcement that the company's existing 1GW capacity is currently utilized at 90%, therefore the new facility will significantly enhance the overall hash power supply. CEO Asher Genoot indicated that the additional capacity will meet the energy-intensive application demands, including Bitcoin mining, high-performance computing (HPC), and next-generation manufacturing.

This expansion not only strengthens Hut 8's geographical layout in the United States but also further consolidates its position in the global hash rate competition.

US miners control 75% of the global hash rate

According to data from the fintech platform OneSafe, American miners currently control 75.4% of the global Bitcoin network hash rate, becoming the dominant force in global Mining. In 2024, the American crypto Mining industry created over 31,000 job opportunities, with major players including CleanSpark, Core Scientific, and Gryphon Digital Mining.

Hut 8, as the parent company of American Bitcoin, has connections to the Trump family, with facilities spread across the US and Canada, where Texas serves as the core base for its operations in the United States.

State Regulations and Strategic Site Selection

Hut 8's expansion plans also take into account the differences in cryptocurrency mining policies across states:

Texas: Virtual currency Mining facilities with power exceeding 75 megawatts are required to register with the Public Utility Commission. The state's energy grid is under pressure, but low tax rates and energy advantages attract a large number of technology and crypto companies to set up operations.

Louisiana: In June 2024, a bill was passed supporting industrial zone Bitcoin miners and banning Central Bank Digital Currency (CBDC), while safeguarding self-custody rights, aimed at attracting new businesses to boost the economy.

Illinois: There are currently no clear mining regulations, but mining facilities have appeared in places like Bloomington-Normal and Effingham, indicating that the state has an open attitude toward the industry.

Conclusion

Hut 8's plan to add 1.5GW of capacity in the United States not only doubles its size but also further consolidates the United States' dominant position in the global Bitcoin mining landscape. As policies regarding crypto mining become clearer in various states, Hut 8's strategic site selection is expected to continue bringing capacity and revenue growth in the coming years. For more real-time market data and industry analysis, please follow the official Gate platform.