Bitcoin Miners Hut 8 and USBTC Merge, Ready for Bitcoin Halving

By: Isha Das

North American Bitcoin miner, Hut 8 Mining Corp. announced its merger with US Bitcoin Corp (USBTC), followed by a rebranding as a U.S.-based entity now known as Hut 8 Corp (New Hut). The newly formed company announced that it's officially operating with 825 MW of energy across 11 sites providing self-mining, hosting, managed services, and high performance computing.

Under the merger terms, New Hut shares are issued on a 5 to 1 basis compared to Hut 8 shares. Hut 8 shareholders will receive 0.2 New Hut common stock for each Hut 8 share, and USBTC stockholders will receive 0.6716 New Hut common stock for their shares. The shares of the new entity will begin trading on the Nasdaq and Toronto Stock Exchange under the ticker symbol 'HUT' by Dec. 4.

The merger comes as the largest in the industry and represents the company's strategy to integrate across the mining value chain and generate diverse and uncorrelated fiat revenue streams. The company also stressed its commitment to operational efficiency and improvement in readiness for the upcoming Bitcoin halving.

The merger was finalized after Hut 8 received definitive approval from the Canadian Supreme Court of British Columbia, following initial developments in February 2023.