Hut 8 to finance new Texas mining facility with Bitcoin reserves
Bitcoin miner Hut 8 intends to use part of its reserve BTC holdings to finance establishing a new mining facility in Culberson County, Texas. According to a Feb. 27 statement, this decision is part of a new treasury strategy that would leverage the firm’s BTC reserves to bolster its balance sheet and support growth endeavors. Hut 8 is one of the largest Bitcoin mining firms in the industry. The company has a BTC reserve of more than 9,000 BTC, estimated to be worth $523 million.
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