Hut 8 Finalizes 205 MW Power Purchase Agreement in West Texas

Bitcoin miner Hut 8 Corp. has entered into a definitive power purchase agreement for a site in West Texas.

Bitcoin miner Hut 8 Corp. (NASDAQ: HUT) has entered into a definitive power purchase agreement for a site in West Texas, according to an announcement on March 7. The agreement provides Hut 8 with 205 megawatts of power capacity, marking the first conversion from its 1,100 megawatts development pipeline.

The new site, connected to the Electric Reliability Council of Texas (ERCOT) grid and adjacent to a wind farm, offers Hut 8 access to low wholesale power prices. The site, equipped with an operational substation, will support bitcoin mining and artificial intelligence (AI) applications.

This expansion will bring Hut 8’s energy infrastructure to approximately 1.3 gigawatts. Engineering, procurement, and construction efforts are already underway for a new data center.

Hut 8 CEO Asher Genoot highlighted the strategic importance of this transaction, emphasizing Hut 8’s ability to navigate complex regulatory frameworks and create value through partnerships.

“This is the first time a large data center load has been approved under the complex regulatory framework in this particular market,” Genoot said Tuesday. The agreement is expected to enhance Hut 8’s energy platform across various verticals, including self-mining and managed services.

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