Hut 8 Mining, a Canadian Bitcoin (BTC) mining company, and US Bitcoin, a US-based Bitcoin mining and hosting company, have announced the completion of their merger to form Hut 8 Corp, a new entity that aims to become a global leader in the BTC mining industry.
The merger was approved by the Canadian Supreme Court on September 18, 2023, after receiving overwhelming support from the shareholders of both companies.
The Merger is One Step Closer For Hut 8 Mining
The merger will create one of the largest and most diversified BTC mining operations in the world, with a combined hash rate of over 3.5 exahashes per second (EH/s), which represents about 2.5% of the global Bitcoin network. The new company will also have access to over 500 megawatts (MW) of power capacity across North America, with plans to expand to over 1 gigawatt (GW) by the end of 2024.
The company will operate under the name Hut 8 Corp and will be headquartered in Toronto, Canada. It will trade on the Toronto Stock Exchange (TSX) under the ticker symbol HUT and on the Nasdaq Global Select Market under the ticker symbol HUT8. It will also retain its status as a registered investment company (RIC) under the U.S. Internal Revenue Code.
The merger will bring together the complementary strengths and expertise of both companies, such as Hut 8 Mining’s proven profitability and innovation track record, and US Bitcoin’s low-cost power contracts and strategic partnerships.
The new company will also leverage its scale and diversification to optimize its operational efficiency and profitability, as well as to pursue new growth opportunities in the BTC mining and hosting space.
The CEO of Hut 8 Corp, Jaime Leverton, said that the merger marks a significant milestone for both companies and the whole Bitcoin mining industry. She said that the new company will be well-positioned to capitalize on the increasing demand and adoption of BTC as a store of value and a medium of exchange.
She also said that the new company will be committed to environmental, social, and governance (ESG) principles and will aim to achieve net-zero carbon emissions by 2030.