Canadian Bitcoin mining firm Hut 8 has announced an interim agreement to launch a new mining site in Cedarvale, Texas. The move is in connection with the Celsius Network bankruptcy proceedings.
Hut 8 revealed on December 18 that the mining site will accommodate nearly 66,000 miners and will be powered by over 215 megawatts (MW) of energy.
Hut 8 president Asher Genoot stated that the agreement has a "twofold" objective: to establish equity with Celsius creditors while also bolstering the managed services business. Genoot added, "We anticipate having more than 895 MW of infrastructure under our umbrella once the site is up and running."
As part of the interim agreement with Celsius, Hut 8 will provide end-to-end development services for the Cedarvale site. Construction is set to commence in the coming weeks, with Hut 8 offering services such as design, engineering, financial modeling, budgeting, accounting, construction management, procurement, logistics, and RFP coordination.
This is an ongoing story, and further details will be provided as they become available.
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