April 19, 2024
Hut 8's Texas Venture: Navigating Celsius Network Bankruptcy with Innovation
Latest Cryptocurrency News

Hut 8-Celsius Deal Paves the Way for Massive Mining Infrastructure

Hut 8, the Canadian Bitcoin mining company, has recently inked an interim deal to initiate a fresh mining hub in Cedarvale, Texas, as part of the ongoing Celsius Network bankruptcy proceedings. The announcement, made on December 18, revealed that this mining facility is set to accommodate nearly 66,000 miners and will operate on an energy supply exceeding 215 megawatts (MW).

Asher Genoot, the president of Hut 8, emphasized the dual purpose behind this agreement. “Our aim is twofold: to establish rapport with Celsius creditors and to bolster the prowess of our managed services business,” Genoot stated. “Once operational, we envision overseeing an infrastructure that surpasses 895 MW,” he added.

Within the interim pact with Celsius, Hut 8 will undertake comprehensive developmental tasks for the Cedarvale site. This encompassing scope includes imminent activities like design, engineering, financial modeling, budgeting, accounting, construction management, procurement, logistics, and RFP coordination. Construction is slated to commence in the coming weeks.

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