The merged company will have access to 825 MW of power, including zero-emission and renewable energy source infrastructure operations.
Bitcoin miner Hut 8 has agreed to a merger with US Bitcoin Corp. Both companies will become wholly owned subsidiaries under the newly formed Hut 8 Corp. Shareholders of the two respective companies will own 50% of the merged company.
According to the Press release“The transaction is expected to establish New Hut as a publicly traded, large-scale Bitcoin miner focused on economical mining, highly diversified revenue streams, and industry-leading best practices in ESG.”
Regarding the merger, Jaime Leverton, CEO of Hut 8, said that “bringing together Hut 8’s operating history and diversified revenue streams with scalable US Bitcoin 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 US-based player that is ready and able to take advantage of additional opportunities as they arise.”
The newly formed company will have access to approximately 825 MW of gross power across six locations, including owned mining, hosting and managed infrastructure operations. It will have 5.6 EH/s of 5.6 EH/s of installed self-mining capacity, with 244 MW of power at five sites located in:
- Medicine hat, AB
- Drumheller, A.B.
- Niagara Falls, New York
- granbury, texas
- King Mountain, Texas
Hosting at the King Mountain site will be owned by King Mountain JV, where “New Hut will manage 220 MW of hosting infrastructure…powered by a mix of sources, including wind and nuclear, supporting multiple customers, including some of the largest miners in the industry. ”
The combined companies will also oversee a portfolio of infrastructure operations with a combined output of 680 MW, using a mix of emission-free and renewable energy sources at locations in Kearney, Nebraska and Granbury, King Mountain in Texas.
Michael Ho, Co-Founder and CEO of USBTC, commented, “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 perfect fit. We were initially attracted to the Hut 8’s strong track record, admirable fiscal management through all market cycles, and cognate approach to building diversified revenue streams Through this process, we have determined that the strategic impact this Transaction will generate is significant: We see a clear path to leverage our collective vision to drive innovative technology advancements and become an unbeatable operator.”
