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Bitcoin Miners Hut 8 and USBTC Complete Merger, Forming New Hut 8 Corp for Upcoming Halving

On November 30, key players in the Bitcoin mining sector, namely Hut 8 Mining Corp. and US Bitcoin Corp (USBTC), revealed their merger, giving rise to a novel entity known as Hut 8 Corp or New Hut. This announcement comes just months ahead of the eagerly awaited Bitcoin halving event in 2024.

The amalgamation consolidates a substantial 825 MW of energy spread across 11 sites, with a primary focus on Bitcoin mining, hosting, managed services, and high-performance computing.

Strategic Positioning for the Impending Bitcoin Halving

As per New Hut CEO Jaime Leverton, the amalgamation establishes the largest publicly traded Bitcoin miner globally, measured by hash rate.

With the forthcoming Bitcoin halving anticipated in April 2024, the merger is strategically designed to position the newly created Hut 8 Corp for sustained growth and increased efficiency. The halving event, occurring every four years, will abruptly reduce the block reward for Bitcoin miners.

“New Hut is laser-focused on driving efficiency and improvement across our spectrum of operations to ensure that we are well positioned and uniquely nimble as we approach the halving and beyond,” commented New Hut President Asher Genoot in the official announcement.

The merger enables the company to harness economies of scale and operational expertise in anticipation of the significant reduction in revenue that miners are expected to encounter post-halving.

According to Leverton, the amalgamated strengths will empower New Hut 8 Corp to maintain resilience in the face of the forthcoming challenges posed by the Bitcoin halving. The company is committed to ongoing expansion, with a pipeline of both greenfield and brownfield growth opportunities.

Trading Under New Stock Symbols

Commencing on December 4, the shares of Hut 8 Corp will initiate trading under the fresh ticker symbol HUT on both the Nasdaq stock exchange and the Toronto Stock Exchange. The merger terms stipulate that shareholders of the original Hut 8 Mining will receive 0.2 shares of New Hut common stock for each Hut 8 share. Simultaneously, USBTC shareholders will receive 0.6716 shares of the new stock for every one of their existing shares.

The successful conclusion of the merger marks the initiation of a new phase for these two prominent Bitcoin mining entities as they unite and undergo rebranding as a U.S.-based entity. This strategic alignment preceding the halving aims to fortify their position in the Bitcoin mining sector.

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