Bitcoin miner Hut 8 announces 1.5GW expansion in the US, stock rises 10%

Bitcoin mining company Hut 8 is building four new Bitcoin mining sites in Texas, Louisiana and Illinois, adding 1.5 gigawatts of capacity as US miners tighten their grip on the global hash rate.

According to a Tuesday announcement, the expansion is aimed at broadening the company's geographic footprint and target markets where “energy demand [is] rising most rapidly.”

Hut 8 shares on Nasdaq soared as much as 10.5% on Tuesday following the announcement, according to Google Finance. The company said its current 1 gigawatt capacity has been 90% taken up.

“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,” Hut 8 CEO Asher Genoot said.

According to fintech platform OneSafe, US miners control 75.4% of the global hash rate. In 2024, crypto mining created over 31,000 jobs in the United States. Bitcoin miners in the country include CleanSpark, Core Scientific, and Gryphon Digital Mining, among others.