Hut 8 plans to deploy Bitcoin reserves, launch new mining farm in Texas in Q2
Hut 8 has announced a new financial strategy that plans to deploy Bitcoin reserves. The reserved Bitcoin can be deployed through direct sales, option strategies, or other means. CEO Asher Genoot stated: "With the halving approaching, we expect non-performing assets to be sold at favorable valuations and create opportunities for further growth. The core principle of our new strategy is to thoughtfully and strategically deploy capital to maintain a strong balance sheet and evaluate them when these opportunities arise." The mining company also expects to launch a new mining site in Texas in the second quarter of this year, with the cost of mining Bitcoin expected to be 30% lower than its sites in Grand Falls and Kearney, Nebraska.
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