Bitcoin Miners Hut 8, US Bitcoin Corp. Announce Merger
Bitcoin mining firms Hut 8 Mining (HUT) and U.S. Bitcoin Corp. (USBTC) agreed to merge into a single company with access to about 825 megawatts (MW) of energy capacity.
The two firms will be wholly owned subsidiaries of the newly formed Hut 8 Corp. Shareholders of the two will each own about 50% of the merged company, they said in a Tuesday press release.
The industry has been consolidating as the bear market has battered miners, leading to acquisition opportunities.
“This Transaction has given us the opportunity to leverage the significant, unencumbered Bitcoin stack we have HODLed to date,” said Hut 8 CEO Jaime Leverton, adding that the firm will be selling a portion of its mined bitcoin to fund operations in the interim period.