The merged firm can have entry to 825 MW vitality, together with infrastructure operations with renewable and zero-emission vitality sources.
Bitcoin miner Hut 8 has agreed to a merger with US Bitcoin Corp. Both companies will turn into wholly owned subsidiaries below the newly-formed Hut 8 Corp. Shareholders of the respective two companies might be in possession of fifty% of the merged firm.
According to the press launch, “The Transaction is expected to establish New Hut as a large-scale, publicly traded Bitcoin miner focused on economical mining, highly diversified revenue streams, and industry-leading best practices in ESG.”
In regards to the merger, Jaime Leverton, CEO of Hut 8, stated that “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 that is ready and able to seize additional opportunities as they arise.”
The newly shaped firm can have entry to roughly 825 MW of gross vitality throughout six places, together with self-mining, internet hosting and managed infrastructure operations. It can have 5.6 EH/s of put in self-mining capability, with 244 MW of vitality throughout 5 websites positioned in:
- Medicine Hat, AB
- Drumheller, AB
- Niagara Falls, NY
- Granbury, TX
- King Mountain, TX
Hosting on the King Mountain web site might be owned by the King Mountain JV, the place “New Hut will manage 220 MW of hosting infrastructure … powered by a mix of sources including wind and nuclear, supporting multiple clients, including some of the industry’s largest miners.”
The mixed firms will even oversee an infrastructure operations portfolio with a mixed output of 680 MW, using a mix of renewable and emissions-free vitality sources at places in Kearney, Nebraska and Granbury, King Mountain in Texas.
Michael Ho, co-founder and CEO of US Bitcoin Corp, remarked that, “We’ve been searching for the right partner to join us on our ambitious growth journey for some time and are confident that Hut 8 is the perfect fit. We were initially attracted to Hut 8’s strong track record, admirable fiscal management through all market cycles, and like-minded approach to generating diversified lines of revenue. Through this process, we’ve determined that the strategic impact this Transaction will drive is significant: we see a clear path to leveraging our collective vision to drive innovative technology advancements and become a second-to-none operator.”
