Hut 8 has announced its expansion in the US, planning to build four new mining facilities in Texas, Louisiana, and Illinois. This move significantly enhances their capacity amid growing demand for cryptocurrency mining services.
Hut 8 Capacity Expansion
Hut 8 is set to open four new mining sites in Texas, Louisiana, and Illinois, adding 1.5 GW of power capacity. This expansion comes as the US solidifies its position in the global cryptocurrency hash rate.
CEO Asher Genoot stated that advancing over 1.5 GW of capacity will more than double the company's operational scale, equipping it to meet the increasing demand for both Bitcoin mining and high-performance computing.
Market Dynamics of Mining in the US
According to OneSafe, US miners account for approximately 75.4% of the global Bitcoin hash rate. The industry contributed to the creation of over 31,000 jobs in the United States in 2024 alone. Key players besides Hut 8 include CleanSpark, Core Scientific, and Gryphon Digital Mining.
Regulatory Aspects of Mining Across States
Hut 8's expansion occurs in US states with varying regulatory conditions. For instance, Texas requires 'virtual currency mining facilities' consuming over 75 megawatts to register with the Public Utility Commission. Louisiana recently passed legislation supporting mining in industrial zones, while Illinois has seen the emergence of mining operations in regions such as Bloomington-Normal and Effingham due to less stringent regulations.
Hut 8's strategic expansion reflects the dynamic and evolving nature of cryptocurrency mining, highlighting the increasing intersections between blockchain technology and emerging sectors such as artificial intelligence.
