Hut 8 Collaborates with Celsius Creditors to Develop Mining Site for Equity

Canadian bitcoin mining firm Hut 8 has reached an agreement with Celsius Network to develop a mining site in Cedarvale, Texas. Hut 8 hopes that the agreement will help it build equity with Celsius creditors. The mining site in Cedarvale will house nearly 66,000 miners and will be powered by over 215MW of energy. Hut 8 will pay Celsius $44 million in mining equipment and cash as part of the agreement. The mining facility is expected to be operational by the end of 2022. Hut 8 currently operates mining facilities in Alberta, Canada, and has a total capacity of over 1,000MW. The company aims to expand its operations and reduce its reliance on fossil fuels. Hut 8’s CEO, Jaime Leverton, said that the company’s investment in Texas aligns with its goals of being more environmentally friendly and diversifying its operations. By entering into this agreement, Hut 8 hopes to improve its financial position and strengthen its relationship with Celsius Network.