{"id":44931,"date":"2023-02-07T18:27:51","date_gmt":"2023-02-07T22:27:51","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=44931"},"modified":"2023-02-07T18:27:54","modified_gmt":"2023-02-07T22:27:54","slug":"hut-8-u-s-bitcoin-announce-mining-merger","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/hut-8-u-s-bitcoin-announce-mining-merger\/","title":{"rendered":"Hut 8, U.S. Bitcoin Announce Mining Merger"},"content":{"rendered":"\n

Hut 8 Mining, a Canadian cryptocurrency mining company<\/a>, has announced plans to merge with US Bitcoin to create Hut 8 Corp.<\/p>\n\n\n\n

\"Hut
Hut 8, U.S. Bitcoin Announce Mining Merger<\/figcaption><\/figure>\n\n\n\n

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. <\/p>\n\n\n\n

Upon completion of the transaction, the mining firm and US Bitcoin, or USBTC, will merge to form New Hut, with shareholders collectively controlling 50% of the combined company. As stated by Hut 8 CEO Jaime Leverton\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>,<\/p>\n\n\n\n

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\u201cBringing together Hut 8\u2019s operational track record and diversified revenue streams with US Bitcoin\u2019s 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 that is ready and able to seize additional opportunities as they arise,\u201d <\/p>\n<\/blockquote>\n\n\n\n

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\ud83d\udd14\ud83d\udd14\ud83d\udd14News: Hut 8 and US Bitcoin Corp have announced a merger of equals, expecting to establish a new Hut 8 as a large-scale publicly traded North American Bitcoin miner with diversified fiat revenue streams. \ud83d\udcf0Read more: https:\/\/t.co\/TL0ZHpkKqu<\/use><\/svg><\/span><\/a> \ud83d\udcf0<\/p>— Hut 8 (@Hut8Corp) February 7, 2023<\/use><\/svg><\/span><\/a><\/blockquote>

Following the acquisition, six facilities totaling about 825 megawatts will purportedly be available to the New Hut company for use in crypto mining<\/a> 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. Leverton continued:<\/p>\n\n\n\n

\n

\u201cThis Transaction has given us the opportunity to leverage the significant, unencumbered Bitcoin stack we have HODLed to date […] During the interim period, we plan to cover our operating costs through a combination of selling the Bitcoin we mine, selling from our stack and\/or exploring various debt options.\u201d<\/p>\n<\/blockquote>\n\n\n\n

Court and regulatory permission by U.S. and Canadian authorities are still pending on the merger. The mining firm 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.<\/p>\n\n\n\n

WonderFi, a different Canadian cryptocurrency company<\/a> supported by Kevin O'Leary of Shark Tank, revealed in January that it was thinking about merging with Coinsquare in order to \u201ccreate a Canadian crypto giant”. <\/p>\n\n\n\n

Targeting asset management for younger generations, blockchain business GammaRey also struck a merger deal with analytics firm GoLogiq in the United States.<\/p>\n","protected":false},"excerpt":{"rendered":"

Hut 8 Mining, a Canadian cryptocurrency mining company, has announced plans to merge with US Bitcoin to create Hut 8 Corp. 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 […]<\/p>\n","protected":false},"author":43,"featured_media":44933,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-44931","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/02\/croc_1675800150237.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/44931","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/43"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=44931"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/44931\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/44933"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=44931"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=44931"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=44931"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}