Hut 8 Expands Bitcoin Mining Operations Across the U.S.

According to Cointelegraph, Bitcoin mining company Hut 8 is set to expand its operations by establishing four new mining sites in Texas, Louisiana, and Illinois. This expansion will add 1.5 gigawatts of capacity, further solidifying the U.S. miners' dominance in the global hash rate. The company aims to broaden its geographic footprint and target markets where energy demand is rapidly increasing. Following the announcement, Hut 8 shares on Nasdaq surged by 10.5%, as reported by Google Finance. Currently, the company's 1 gigawatt capacity is 90% utilized. Hut 8 CEO Asher Genoot stated that by advancing more than 1.5 gigawatts of capacity, the company positions itself to more than double the scale of its platform and address the accelerating demand across energy-intensive use cases. According to fintech platform OneSafe, U.S. miners control 75.4% of the global hash rate. In 2024, the crypto mining industry created over 31,000 jobs in the United States, with major players including CleanSpark, Core Scientific, and Gryphon Digital Mining. The new facilities are designed for energy-intensive applications, such as high-performance computing, Bitcoin mining, and industrial uses like next-generation manufacturing. Additionally, Hut 8 supplies energy to the artificial intelligence sector. Hut 8, the parent company of American Bitcoin, a mining and treasury company linked to the Trump family, has facilities across Canada and the United States, with the majority located in Texas. The expansion comes amid varying state regulations on Bitcoin mining and a transitioning industry. In Texas, virtual currency mining facilities with a power of more than 75 megawatts must register with the Public Utility Commission of Texas due to growing concerns over the state energy grid and the influx of tech companies. In June 2024, Louisiana passed a bill supporting Bitcoin miners in industrial areas to boost the local economy, while also banning central bank digital currencies and affirming the right to self-custody. Illinois has yet to pass specific cryptocurrency mining regulations, but mining facilities have emerged in locations such as Bloomington-Normal and Effingham.