Hut 8 agrees to develop mining site to build equity with Celsius creditors

The Canadian Bitcoin mining firm Hut 8 has signed an interim agreement to launch a new mining site in Cedarvale, Texas, in connection with the Celsius Network bankruptcy proceedings.

Announcing the news on Dec. 18, Hut 8 said that the mining site will house almost 66,000 miners and will be powered by more than 215 megawatts (MW) of energy.

Hut 8 president Asher Genoot said that the agreement targets a “twofold” goal, which is to build equity with creditors of Celsius while also growing the strength of the managed services business. “We anticipate having more than 895 MW of infrastructure under our umbrella once the site is up and running,” the executive noted.

Under the interim agreement with Celsius, Hut 8 will provide end-to-end development services for the Cedarvale site. The construction is expected to begin in the coming weeks, with Hut 8 expected to provide services like design, engineering, financial modeling, budgeting, accounting, construction management, procurement, logistics and RFP coordination.

This is a developing story, and further information will be added as it becomes available.