Company serving Bitmain from new site in Texas Panhandle
Cryptomining and HPC data center firm Hut 8 Corp. has launched a Bitcoin mining data center in Texas.
The company this week announced the initial energization of its Vega campus.
Hut 8 acquired the site in the Texas Panhandle in July 2024. The facility spans 162,000 sq ft (15,050 sqm) and will offer 205MW of capacity at full energization.
Powered behind-the-meter by a wind farm and front-of-the-meter by an ERCOT grid connection, Vega features a proprietary, rack-based, direct-to-chip liquid cooling system designed in-house by Hut 8, and is able to support densities up to 180kW per rack. Some 96 custom-designed cooling modules circulate 120,000 gallons of glycol-water solution through a closed-loop, according to the company.
Hut 8 said, based on publicly available information, it believes Vega to be the largest single-building Bitcoin mining facility by nameplate hashrate, and will support up to 15 exahash per second (EH/s) through 17,280 Bitmain U3S21EXPH servers for Bitcoin mining ASIC compute.
“Vega exemplifies our innovation-driven approach to digital infrastructure design,” said Asher Genoot, CEO of Hut 8. “We built it for where we believe the market is going, using modular architecture and adaptive thermal systems designed to scale and evolve as workload requirements grow more complex. Over the past several weeks, as we’ve brought the site online, it has become clear how well this architecture performs under real-world conditions.”
Bitmain is the client for the full ~15 EH/s deployment at Vega under an ASIC colocation agreement.
Based on ERCOT forward energy prices, the agreement is expected to generate between $110 million and $120 million in annualized revenue upon full energization, subject to factors including ERCOT energy pricing and facility uptime.
The agreement also includes a purchase option that allows Hut 8 to acquire all or part of the hosted fleet in up to three tranches at a fixed price, exercisable within six months of each tranche’s energization, turning the facility into self-mining capacity for its Bitcoin mining subsidiary, American Bitcoin Corp.
“Vega’s design is particularly relevant for AI training and other non-customer-facing HPC workloads, where we believe speed, density, and cost efficiency will increasingly take precedence over traditional redundancy standards,” said Jake Palmer, senior vice president of development at Hut 8. “The project represents a design philosophy we intend to scale, refine, and deploy as we continue to bridge the gap between high-cost, high-redundancy builds and lower-cost, application-optimized infrastructure.”
Nasdaq-listed Hut 8 currently has more than 19 data center sites either in operation or in development, including ten Bitcoin mining projects, five high-performance computing data centers, and four power-generation assets. The company acquired five colo data centers in Canada from TeraGo in 2022, and merged with US Bitcoin in 2023. Hut 8 also offers GPU-as-a-Service through its Highrise brand.
Hut 8 acquired a majority stake in American Bitcoin in April, joining forces with its management team, which includes the son of President Donald Trump, Eric Trump. Upon completion of the merger, the combined company will operate under the American Bitcoin brand. The unit is set to go public via a merger with cryptocurrency mining firm Gryphon Digital.
