Crypto mining firms Hut 8 Mining Corp. and US Bitcoin Corp (USBTC) have combined their operations in an equal stock merger to form a new US-based entity called Hut 8 Corp (New Hut).
Hut 8, based in Canada announced It was announced that the merger will be completed on November 30 “The largest merger and acquisition transaction” By New Hut CEO Jaime Leverton in the crypto industry. Prior to the merger, Leverton served as CEO of Hut 8 for more than three years. Hut 8’s official X account shared the following information: “After a long wait… we are thrilled to announce the completion of the merger of equals with USBTC! We are now officially Hut 8 Corp., a US-based entity, operating 825 MW of managed power across 11 sites with self-service mining, hosting, managed services and high-performance computing. We will host a webcast call on Monday, December 4 at 10 a.m. EST to announce the details of the closing transaction.”

After a long wait… we are excited to announce that our merger of equals with USBTC is complete! It is now officially Hut 8 Corp, a US-based organization. We operate as a company and have 825 MW of energy management under self-mining, hosting, managed services and management across 11 sites. pic.twitter.com/yJ3uou326o

— Hut 8 (@Hut8Mining) 30 November 2023

The merger will result in the delisting of Hut 8 common shares from the Toronto Stock Exchange and Nasdaq by December 4. These will be replaced by New Hut ordinary shares under the symbol “HUT”. During the delisting and relisting process, Hut8 shareholders received 0.2 shares of New Hut common stock for each Hut 8 share they owned.
New Hut president Asher Genoot revealed the company’s plan to prepare for the upcoming Bitcoin halving (Bitcoin). By combining resources, “New Hut has access to approximately 825 MW of gross energy across six sites through self-mining, hosting and managed services operations.”We read it in the announcement.
Hut8 received final permission from the Supreme Court of British Columbia to merge with USBTC in September. But the planning process started in February.
At the time, the merger was subject to court approval and Canadian and U.S. authorities. Adding to the legal complexity, USBTC was facing a “legal dispute” with the city of Niagara Falls, New York, over residents who criticized mining operations over claims of noise pollution. There dispute resolved On April 7.

Related: Phoenix Group postpones IPO

Jack DorseyBlock and Twitter’s co-founder recently moved to promote the centralization of Bitcoin mining operations.
The serial entrepreneur recently led a $6.2 million seed round for Mummolin, the parent company of the new decentralized Bitcoin Ocean mining pool, which is designed to provide greater transparency in the mining process and allow operators to receive rewards from blocks directly from the network rather than through mining pools. .
Update (December 1, 13:06 UTC): This article has been updated to note that Hut 8 shareholders receive 0.2 shares of New Hut common stock for each Hut 8 share they own, rather than one full share.

Translation by Walter Rizzo