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Hut 8's new mining site in Cedarvale, Texas, will house almost 66,000 miners and will be powered by more than 215 MWof energy. The Canadian Bitcoin mining firm Hut 8 has signed an interim agreement to launch a new mining site in Cedarvale, Texas, in connection with the Celsius Network bankruptcy proceedings. Announcing the news on Dec. 18, Hut 8 said that the mining site will house almost 66,000 miners and will be powered by more than 215 megawatts (MW) of energy. Hut 8 president Asher Genoot said that the agreement targets a "twofold" goal, which is to build equity with creditors of Celsius while also growing the strength of the managed services business. "We anticipate having more than 895 MW of infrastructure under our umbrella once the site is up and running," the executive noted. Under the interim agreement with Celsius, Hut 8 will provide end-to-end development services for the Cedarvale site. The construction is expected to begin in the coming weeks, with Hut 8 expected to provide services like design, engineering, financial modeling, budgeting, accounting, construction management, procurement, logistics and RFP coordination. This is a developing story, and further information will be added as it becomes available.

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Bearish/Bullish

18.12.23 07:48

by cointelegraph.com

Revolut Business reportedly cuts crypto services ahead of new rules

The neobank will halt crypto purchases by businesses while it sorts out new ad requirements. Neobank Revolut will temporarily halt cryptocurrency purchases on its business platform in the United Kingdom at the beginning of the new year, according to a media report. An email informing customers of the decision mentioned only purchasing, implying holding crypto and selling it could go on uninterrupted. Revolut said the pause was needed to give it more time to comply with new Financial Conduct Authority (FCA) rules on promoting crypto that come into force on Jan. 8, 2024. Revolut Business will halt crypto purchases on Jan. 3, it said. In a message reproduced in an X (formerly Twitter) post, Revolut Business told customers: "We'll need to adjust our current Business crypto offering to make sure all of the new requirements are met." Revolut is the latest of several firms that have been impacted by the FCA rules, which the regulator itself described as "tough." The rules were announced in June and were intended to bring crypto advertising into line with other high-risk investment products. Among the new requirements were customer warnings of the risky nature of crypto investments, a ban on bonuses for referring new customers and a "cooling-off period" delaying the placing of orders from first-time investors. Related: Binance, OKX to comply with new financial promotions rules in UK The Jan. 8 deadline is an extension from Oct. 8 provided after it became apparent that there would be hitches with compliance. The FCA was already noticing in September that engagement from many crypto firms had been low. By Oct. 25, the FCA had recorded over 200 breaches of the rules and it issued additional guidance on the rules in November. In September, Bybit announced it was leaving the U.K. market and Solana-based NMarinade Finance began blocking U.K. users. Binance halted customer onboarding in the country in October after its compliance partner, Rebuildoingsociety.com, ran afoul of the rules.