Hut 8 Mining Company to Merge with US Bitcoin - Blockchain.News

Hut 8 Mining Company to Merge with US Bitcoin

Hut 8 Mining and U.S. Bitcoin will consolidate under New Hut, pending court clearance.

  • Feb 10, 2023 12:12
Hut 8 Mining Company to Merge with US Bitcoin

Hut 8 Mining, a Canadian company that mines cryptocurrencies, has announced publicly their desire to merge with US Bitcoin to become Hut 8 Corp., often referred to as "New Hut." Hut 8 Mining is also known as "New Hut."

The news that the boards of directors of both firms had given their unanimous approval to a final business combination agreement was revealed in a statement that was issued by Hut 8 on February 7th. Through the execution of this agreement, the two mining businesses are going to be merged into a single corporation with its headquarters located in the United States. After the merger is finalized, Hut 8 Mining and US Bitcoin, also known as USBTC, will both become subsidiaries of New Hut, and the company's stockholders will collectively own fifty percent of the newly amalgamated business. The former Hut 8 Mining and USBTC locations will hereafter be referred to as New Hut.

It not only accelerates our diversified strategy and positions us for near-term growth, but it also establishes us as a strong, U.S.-based player that is ready and able to seize additional opportunities as they arise, according to Hut 8 CEO Jaime Leverton. "Bringing together Hut 8's operational track record and diversified revenue streams with US Bitcoin's scalable mining sites, sizeable hosting business, and industry-leading managed infrastructure operations," said Hut 8 CEO Jaime Leverton Mining bitcoins is the primary focus of US Bitcoin, a firm that was founded in 2014.

It is anticipated that after the merger is finalized, the New Hut company would have access to around 825 megawatts of electricity over a total of six distinct sites, which may then be used for bitcoin mining and other operations. This will include five sites in the United States, including New York and Texas, as well as one location in Canada, the province of Alberta. Each of these five locations will have a capacity of 5.6 exahashes per second (EH/s) for their own mining activities.

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