Business
Hut 8 and US Bitcoin announce merger of equals to create a preeminent digital asset mining, hosting, managed infrastructure operations, and high performance computing organization
Transaction is expected to dramatically enhance trajectory of the digital asset mining business: 5.6 EH/s installed self-mining capacity at five sites across
About this update from Hut 8 Corp.
[{"type":"text","content":"Transaction is expected to dramatically enhance trajectory of the digital asset mining business:\n5.6 EH/s installed self-mining capacity at five sites across North America\nCombined Company's diversification strategy to expand significantly, establishing new, fiat revenue generating lines of business:\n220 MW of hosting infrastructure at King Mountain, Texas\nManaged infrastructure operations powered by 680 MW at Kearney, Nebraska, Granbury, Texas, and King Mountain Texas sites\nGross energy across self-mining, hosting, and managed infrastructure operations sites totaling approximately 825 MW\nTransaction expected to accelerate achievement of ESG objectives by adding renewable energy and zero carbon emission energy from wind, hydro, and nuclear sources\nBill Tai to maintain role as Board Chair, Jaime Leverton to continue as CEO, Asher Genoot to continue as President, Michael Ho to become Chief Strategy Officer, Shenif Visram to continue as CFO\nCombined Company to be named \"Hut 8 Corp.\" and domiciled in the United States\nThis news release constitutes a \"designated news release\" for purposes of the Company's prospectus supplement dated August 17, 2022 to its short form base shelf prospectus dated August 5, 2022. All dollar amounts in this release are in USD unless otherwise noted.\nTORONTO and MIAMI, Feb. 7, 2023 /PRNewswire/ - Hut 8 Mining Corp. (Nasdaq: HUT) (TSX: HUT) (\"Hut 8\" or the \"Company\"), a large, innovation-focused digital asset mining pioneer and high performance computing infrastructure provider, and U.S. Data Mining Group, Inc. dba US Bitcoin Corp (\"USBTC\"), builder and strategic operator of four Bitcoin mining centres across the United States, announced today that each of their Boards of Directors have unanimously approved a definitive business combination agreement (the \"Business Combination Agreement\") under which the companies will combine in an all-stock merger of equals (the \"Transaction\"). The combined company will be named \"Hut 8 Corp.\" (\"New Hut\" or the \"Combined Company\") and will be a U.S.-domiciled entity. The Transaction is expected to establish New Hut as a large scale, publicly traded Bitcoin miner focused on economical mining, highly diversified revenue streams, and industry-leading best practices in ESG.\n\n \n \n \n \n \n \n\n \n\"Our established track record of creating share...