Hut 8 and Celsius to build Bitcoin mining facility!

Bitcoin mining company Hut 8 has signed an interim agreement with Celsius Network to build a new crypto mining facility in Cedarvale, Texas.

In a December 18 press release, the Bitcoin mining company explained that the deal is linked to Celsius' bankruptcy proceedings. The planned facility has the capacity to house more than 66,000 miners and aims to be powered by over 215 MW of energy. The miners will provide technical and skills development services for construction, which is scheduled to begin next week. These services include financial modeling, construction management, procurement and logistics, budgeting and RFP (Request for Proposal) coordination. Asher Genoot, President of Hut 8, explained the two main objectives of the agreement: Both to expand the companies' operations and to build equity with Celsius' ongoing bankruptcy case and investors seeking new capital. Furthermore, Hut 8 aims to increase capacity to 895 MW of energy, boosting the power of local businesses as miners come online in the future. This development is seen as an important step in the crypto mining industry and forms part of Hut 8's expansion strategy. This collaboration could create new opportunities for both Hut 8 and Celsius Network and push forward developments in the digital asset mining space.

The miners will provide technical and skills development services for construction, which is scheduled to start next week. These services include financial modeling, construction management, procurement and logistics, budgeting and RFP (Request for Proposal) coordination. Asher Genoot, President of Hut 8, explained the two main objectives of the agreement: Both to expand the companies' operations and to build equity with Celsius' ongoing bankruptcy case and investors seeking new capital.

The Bitcoin price above $40,000 provides a good opportunity for miners to consolidate their gains and expand their capacity and efficiency ahead of the next halving. This collaboration creates new opportunities and growth potential for both companies and supports the overall trends in the mining industry.