What Are the Key Details of Hut 8 Corp.'s Interim Agreement to Build Out the Cedarvale, Texas Mining Site?

Hut 8 Corp: Spearheading the Cedarvale Mining Project Post Celsius Bankruptcy

Hut 8 Corp a leading digital asset mining pioneer and high-performance computing infrastructure provider in North America, has recently entered into a pivotal interim agreement. This agreement entails the development and installation of mining operations at a site in Cedarvale, Texas, as part of the Celsius Network LLC bankruptcy proceedings.

Expansion into Cedarvale, Texas

Project Scope: Hut 8 is set to build out and install approximately 66,000 miners at the Cedarvale site. This ambitious project is bolstered by over 215 MW of energy, marking a significant expansion in Hut 8's mining capacity.

Anticipated Impact: Upon completion, the Cedarvale site will become a substantial hub for digital asset mining, significantly enhancing Hut 8's operational scope.

Why Hut 8 Was Chosen

Managed Services Expertise: Hut 8’s existing portfolio includes 680 MW under management, showcasing its capability in handling large-scale operations.

Proven Track Record: The Company's history of rapidly establishing mining infrastructure and running efficient operations played a crucial role in being selected for this project.

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Strategic Goals

Dual Objectives: Hut 8 aims to build equity with Celsius' creditors while simultaneously growing its managed services business. The Cedarvale project is expected to push Hut 8's infrastructure management over 895 MW.

The Path Forward

End-to-End Solutions: Under the interim agreement, Hut 8 will provide a wide array of services, including site design, engineering, financial modeling, construction management, procurement, and logistics.

Construction Timeline: Construction at the Cedarvale site is slated to commence within the coming weeks, marking a swift response to the interim agreement.

Leading in Digital Asset Mining and Hosting

Innovation and Imagination: With a focus on value creation at the intersection of infrastructure and energy, Hut 8 Corp. is bullish on Bitcoin mining, hosting, and capitalizing on emerging technologies like AI and machine learning.

Global Footprint: Headquartered in Miami, Florida, Hut 8's infrastructure spans eleven sites, including high-performance computing data centers in British Columbia and Ontario and Bitcoin mining sites in Alberta, New York, Nebraska, and Texas.

Unique Treasury Strategy: Hut 8 is distinguished for having one of the highest inventories of self-mined Bitcoin among publicly-traded companies globally.

The Company’s Vision

Executive Leadership: Asher Genoot, President of Hut 8, emphasizes the Company's commitment to strengthening its managed services business and leveraging its expertise to optimize the Cedarvale project.

A Future of Innovation: Hut 8 continues to explore the potential of Bitcoin mining and hosting, alongside traditional data center operations and the utilization of AI and machine learning technologies.

A New Chapter in Digital Asset Mining

Hut 8 Corp. 's involvement in the Cedarvale site reflects its growing influence in the digital asset mining industry and its commitment to leveraging its expertise in managed services. The development of the Cedarvale site marks a crucial step in Hut 8's expansion strategy, aligning with its goal to harness the power of digital assets and computing technology to create value at the forefront of the industry.

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