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Crypto mining companies US Bitcoin and Hut 8 intend to merge

 Crypto mining companies US Bitcoin and Hut 8 intend to merge


Hut 8 Mining, a Canadian cryptocurrency mining company, has announced plans to merge with U.S. Bitcoin to create Hut 8 Corp, also known as "New Hut." 

In a statement on February 7, Hut 8 stated that the boards of directors of the two companies had unanimously accepted a binding agreement to combine the two mining companies into one new company with its headquarters in the United States. Upon completion of the transaction, New Hut will absorb Hut 8 Mining and U.S. Bitcoin, or USBTC, with stockholders owning a combined 50% of the newly amalgamated company.

Hut 8 CEO Jaime Leverton stated, "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 not only accelerates our diversified strategy and positions us for near-term growth, but also establishes us as a strong, U.S.-based player who is ready and able to seize additional opportunities as they arise.

Following the acquisition, six facilities totaling about 825 megawatts will purportedly be available to the New Hut company for use in crypto mining and other operations. This will consist of five locations with a self-mining capacity of 5.6 exahashes per second (EH/s), located in New York, Texas, and the state of Alberta in Canada.

"This Transaction has provided us with the chance to utilize the enormous, unencumbered Bitcoin stack we have held onto to this point [...] We intend to finance our operating expenses in the interim by selling the Bitcoin we mine, selling assets from our stack, and/or looking into different debt solutions. 

Court and regulatory permission by U.S. and Canadian authorities are still pending on the merger. Hut 8 further stated that the City of Niagara Falls in New York and USBTC were engaged in "a legal fight" as a result of the noise pollution the mining operations were allegedly causing.

In order to "build a Canadian crypto powerhouse," WonderFi, a second Canadian cryptocurrency company supported by Shark Tank star Kevin O'Leary, stated in January that it was thinking about merging with Coinsquare. Targeting wealth management for younger generations, blockchain business GammaRey also struck a merger deal with analytics firm GoLogiq in the US.

Article Credit: Cointelegraph

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