Bitcoin mining company Hut 8 is building four new mining sites in Texas, Louisiana, and Illinois, adding 1.5 GW of capacity to strengthen U.S. miners' position in the global hash rate.
According to Hut 8's announcement on Tuesday, this expansion aims to broaden the company's geographical footprint and expand its business in markets with rapidly growing energy demand.
Following the announcement, Hut 8's stock price soared 10.5% on Nasdaq on Tuesday, and the company's 1 GW capacity is currently 90% utilized.
Hut 8 CEO Asher Genoot stated: 'By adding over 1.5 GW of capacity, we are at the forefront of doubling platform scale and responding to the accelerated demand for energy-intensive needs.'
According to statistics from the fintech platform OneSafe, U.S. miners control 75.4% of the global hash rate. In 2024, cryptocurrency mining in the U.S. created over 31,000 jobs.
The new facility is suitable for 'high-energy' applications, including high-performance computing, Bitcoin mining, and industrial uses. In addition to mining, the company also provides energy for the artificial intelligence sector.
Hut 8 is the parent company of Bitcoin in the United States, and it is associated with the Trump family. Its facilities are spread across the United States and Canada, with most of the U.S. facilities located in Texas.
State Bitcoin mining regulations
Hut 8 is expanding amid varying regulations across states, as the industry is currently undergoing a transformation. Texas requires high-power virtual currency mining facilities to register with the Public Utility Commission, while Louisiana has passed a bill supporting Bitcoin miners in an effort to boost the local economy. Illinois has yet to implement clear regulations.
