Toronto-based Bitcoin miner Hut 8 Mining Corp ($HUT) is making a strategic pivot towards high-performance computing (HPC) with an ambitious $12 billion project planned in West Feliciana Parish, Louisiana.
The initiative marks a significant expansion beyond Bitcoin mining as the company aims to tap into the booming AI and machine learning (ML) sectors.
Massive HPC Data Center in the Works
Hut 8’s proposed facility will be a Tier III data centre spanning an initial capacity of 300 megawatts (MW), with plans to expand to a staggering 1,000 MW.
According to the Planning & Zoning Department, the state-of-the-art facility will utilize liquid-cooled GPU servers designed for advanced AI and ML training activities.
Also Read: SEC Charges Touzi Capital and CEO in $115M Crypto Mining Fraud Scheme
While details remain limited, the company aims to have its first building, with a capacity of 250 MW, operational by the end of 2025. Parish President Kenny Havard revealed that the project could bring up to 2,000 local jobs, driving economic growth in the region.
Bitcoin Mining Roots and Strategic Expansion
Hut 8 is leveraging its expertise in energy-intensive operations to diversify into HPC. This move comes as the company seeks to capitalize on the growing demand for AI infrastructure, which aligns with the rising prominence of GPUs and liquid-cooling technologies in the tech industry.
The expansion signals a shift in Hut 8’s strategic direction while maintaining its roots in Bitcoin mining. The company’s dual focus could provide a hedge against the volatile cryptocurrency market, offering steady revenue streams from AI and ML applications.
Rumors of a Meta Partnership
Speculation on social media suggests that Meta could be the hyperscale tenant linked to this project. However, Hut 8 has neither confirmed nor commented on these rumours. If true, such a partnership would add significant weight to Hut 8’s growing ambitions in the HPC space.
News of the expansion sent Hut 8’s stock ($HUT) soaring, with shares rising 12% in after-hours trading. The project demonstrates the company’s commitment to innovation and its ability to adapt to emerging opportunities while maintaining its leadership in Bitcoin mining.
As Hut 8 transitions into HPC, the Louisiana project underscores the synergy between its Bitcoin mining expertise and its pursuit of cutting-edge technology solutions for AI and ML industries.
Also Read: Bitcoin Mining Pool Foundry Lays Off 27% Of Workforce Amid Strategic Restructuring