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The Canadian Bitcoin mining company Hut 8 has entered into a temporary agreement to establish a new mining facility in Cedarvale, Texas, as part of the Celsius Network bankruptcy proceedings.
In a statement released on Dec. 18, Hut 8 announced that the mining facility will accommodate nearly 66,000 miners and will be powered by over 215 megawatts (MW) of energy.
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Hut 8 president Asher Genoot mentioned that the agreement aims for a “twofold” objective, which includes building equity with Celsius creditors while also enhancing the managed services division. “We expect to have more than 895 MW of infrastructure under our management once the site becomes operational,” the executive remarked.
As part of the interim agreement with Celsius, Hut 8 will deliver comprehensive development services for the Cedarvale facility. Construction is anticipated to commence in the upcoming weeks, with Hut 8 set to offer services such as design, engineering, financial modeling, budgeting, accounting, construction management, procurement, logistics, and RFP coordination.
This is an evolving story, and additional details will be provided as they become available.
