According to Odaily, Bitcoin mining company Hut 8 has signed a power purchase agreement, securing an immediately available power capacity of 205 megawatts and land at a site in West Texas. This deal is the first transaction in Hut 8's previously announced plan for an exclusive energy capacity of 1,100 megawatts.
Hut 8's CEO, Asher Genoot, stated that the company will continue to seek opportunities to collaborate with energy partners to develop customized structures that create value for all parties involved. Hut 8 also noted that the site is strategically located to support high-density computing applications, including Bitcoin and artificial intelligence. Engineering, procurement, and construction work for the data center are currently underway.
Once completed, the transaction is expected to increase the total capacity of Hut 8's owned and managed services to approximately 1.3 gigawatts. This move is part of Hut 8's ongoing efforts to expand its operations and increase its capacity for Bitcoin mining.