Mining company Hut 8 has announced the commencement of construction for a Bitcoin mining facility in Culberson, Texas.
The facility is expected to have a hashrate of 3.6 EH/s and will be powered by 63 MW, costing 40% less than the purchase price.
The company revealed that their recent acquisitions cost $460,000 per MW, but by building on their own, they plan to reduce the cost to $275,000.
CEO Asher Genut stated that the Culberson County facility will cost around $17.3 million, which is significantly lower than the estimated $29 million.
This announcement followed the company’s decision to review their Bitcoin reserve storage strategy and use digital assets to fund strategic initiatives.
The company will make decisions on selling cryptocurrency from their reserves on a case-by-case basis, starting with the expansion in Culberson.
