Hut 8 to finance new Texas mining facility with Bitcoin reserves
Bitcoin mining company Hut 8 plans to use a portion of its BTC reserves to fund the establishment of a new mining facility in Culberson County, Texas. This decision is part of a new treasury strategy aimed at leveraging the company's BTC reserves to strengthen its balance sheet and support growth. Hut 8, one of the largest Bitcoin mining firms, has a BTC reserve of over 9,000 BTC, valued at around $523 million. The planned 63-megawatt site is expected to have up to 3.6 EH/s of self-mining capacity and is set to be operational by the second quarter. The cost of mining a Bitcoin at the new site is projected to be 30% cheaper than at other sites, with the new site costing around $17.3 million instead of the regional benchmark cost of $29 million.
