Hut 8 and US Bitcoin Corp. Announce Merger

Bitcoin miner Hut 8 and US Bitcoin Corp. have agreed to merge. Under the newly formed Hut 8 Corp., both companies are now wholly owned subsidiaries.

The press release states that “the transaction is expected to establish [Hut 8 Corp.] as a large-scale, publicly traded Bitcoin miner focused on economical mining, highly diversified revenue streams, and industry-leading best practices in ESG.”

CEO of Hut 8 Jaime Leverton explains that the merger will help the company’s diversified strategy, while positioning themselves for near-term growth by combining Hut 8’s operational track record and diverse revenue streams with US Bitcoin’s scalable mining sites.

The newly merged company will have access to about 825 MW of gross energy for self-mining, hosting, and managed infrastructure operations across six different sites. Additionally, it will have 5.6 EH/s of self-mining capacity installed and 244 MW of electricity that will be distributed among five mining sites where two are in Alberta, two in Texas, and one in New York.

The merged companies will also be in charge of a portfolio of infrastructure activities with a total output of 680 MW, using a mix of clean energy sources in Kearney, Nebraska, and Granbury, King Mountain, Texas.

The co-founder and CEO of USBTC, Michael Ho, stated that they were looking for an ideal partner to join them on their ambitious growth journey and were certain that Hut 8 was the best fit. Ho added that Hut 8’s solid track record, commendable fiscal management across all market cycles, and similar approach to producing diversified lines of revenue is what first drew them in. 

Ho and his team see a clear path to utilizing their shared vision to propel innovative technology advancements and establish themselves as a mining operator that cannot be matched.