Hut 8 Mining Corp. and US Bitcoin Corp (USBTC) have merged in a significant all-stock deal, creating a new entity based in the United States named Hut 8 Corp (New Hut). This merger, announced on November 30 by the Canadian Bitcoin (BTC) mining company Hut 8 Mining Corp, is considered one of the largest in the crypto sector, as stated by New Hut CEO Jaime Leverton, who previously led Hut 8 Mining in Toronto for over three years.
As a result of this merger, Hut 8’s common stocks will be delisted from the Toronto Stock Exchange and Nasdaq by December 4, 2023. They will be replaced by New Hut’s common stocks, trading under the ticker symbol “HUT.” During this transition, Hut8 shareholders were granted one New Hut common stock for each Hut 8 share they held. New Hut President Asher Genoot disclosed the company’s strategy to prepare for the upcoming Bitcoin halving, highlighting that New Hut now controls approximately 825 megawatts (MW) of energy across six sites, encompassing self-mining, hosting, and managed service operations.
The merger received its final approval from the Supreme Court of British Columbia in September 2023, following initial planning that began in February 2023. The merger faced several regulatory hurdles, needing approval from both U.S. and Canadian authorities. Additionally, USBTC was embroiled in a legal dispute with the City of Niagara Falls, New York, over noise pollution complaints from residents.
In the broader context of the crypto mining industry, other significant developments are occurring. X (formerly Twitter) and Block co-founder Jack Dorsey are moving towards decentralizing Bitcoin mining. Dorsey recently led a $6.2 million seed funding round for Mummolin, the parent company of a new decentralized Bitcoin mining pool named Ocean. This initiative aims to enhance transparency in the mining process and allow miners to receive block rewards directly from Bitcoin, rather than through traditional BTC mining pools.
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