Bitcoin Miner Hut 8 Surges 10% on 1.5GW Expansion Plans

Hut 8 (HUT), a public bitcoin (BTC) mining and energy infrastructure firm, surged Tuesday after revealing plans to more than double the company's power ￰0￱ plans include the development of four new sites across the United States with more than 1.5 gigawatts (GW), expanding total power capacity to over $2.5 GW across 19 locations, according to a press ￰1￱ stock rose more than 10%, hitting a seven-month high just shy of $26 per share even as bitcoin prices remain stuck in the doldrums below $110,000. Data center firms are enjoying renewed investor interest as demand for computing power soars to fuel artificial intelligence innovation. Recently, tech giant Google took a minority stake in bitcoin miner TeraWulf as part of a $3.2 billion AI infrastructure deal.

"This expansion marks a defining step in Hut 8’s evolution into one of the largest energy and digital infrastructure platforms in the world," Hut 8 CEO Asher Genoot said in the press ￰2￱ company said it has reclassified the projects from "exclusivity" to "development," meaning it has secured land and power deals and is working on design and ￰3￱ finance the projects, the firm plans to draw in up to $$2.4 billion in liquidity from various ￰4￱ includes borrowing against its 10,000 BTC stash worth roughly $1.1 billion, a $200 million revolving credit line, an expanded $130 million facility from Coinbase and a recently launched $1 billion at-the-market equity ￰5￱ bank Roth Capital viewed the expansion plans as a "notable step-up," with potential to "materially re-rate the stock" as the sites come online and get contracted for AI and high-performance ￰6￱ more: Bitcoin Mining Faces 'Incredibly Difficult' Market as Power Becomes the Real Currency