- Hut 8 merges with US Bitcoin to diversify revenue streams.
- The combined company’s mining capacity will be 5.6 EH/s.
- Shares of Hut 8 Mining Corp closed slightly lower on Wednesday.
Hut 8 Mining Corp closed slightly in the red on Wednesday after revealing plans to merge with US’s Bitcoin Corp.
What are the benefits for both companies?
The merger is expected to help diversify revenue streams and reduce costs associated with mining. Create a larger public company operating under the name Hut 8 Corp.
Both companies have already obtained unanimous approval of the agreement from their respective boards of directors.in the press releasesaid Jaime Leverton, who will continue to lead the joint venture.
Integrating Hut 8 and US Bitcoin accelerates our diversified strategy, positions us for near-term growth, and positions us as a strong player ready to seize new opportunities on the rise position is established.
Year-on-year, Canadian digital asset mining companies are now up over 150%.
Increase your mining potential with Hut 8
Bill Tai will also retain his role as Chairman of the Board and Asher Ghanout will remain President of the combined company.of press release has appointed Michael Ho as Chief Strategy Officer and Sheniff Bislam as Chief Financial Officer.
Note that the new Hut 8 Corp will manage a total of 680 MW of infrastructure operations, increasing mining potential to 5.6 EH/s. US Bitcoin co-founder Michael Ho said:
We have been looking for the right partner to join us on our ambitious growth journey for some time and we are confident that Hut 8 is the right fit.
Last year, Hat 8 mined Reserves increased to 9,086 BTC at 3,568 Bitcoins – a 65% year-on-year increase. Wall Street currently has a consensus “overweight” rating for the Toronto-based company.