In 2024, various bitcoin miners, including Hut 8, began focusing on revenue diversification following last year's Bitcoin halving. Hut 8 is reportedly planning to lease space in a new data center to an unnamed AI hyperscaler, a move expected to enhance its competitive edge against rivals like Core Scientific, which made headlines for its hosting deals. Mark Palmer of Benchmark highlighted the potential for better economic outcomes from Hut 8’s upcoming project in Louisiana, which has received preliminary approval from the West Feliciana Parish Planning & Zoning Commission. This data center initiative could be transformative for Hut 8, reflecting a growing trend among bitcoin miners to adapt and seek new revenue streams.

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