The cryptocurrency mining firms Hut 8 Mining Corp. and US Bitcoin Corp. (USBTC) have merged through an all-stock merger of equals to become Hut 8 Corp (New Hut), a new company with US domicile.The merger was finalized on November 30, and Jaime Leverton, CEO of New Hut, branded it the “largest mergers and acquisitions transaction” in the cryptocurrency space. Hut 8 is situated in Canada.Leverton led Hut 8 as CEO for more than three years prior to the merger.
Due to the transaction, Hut 8 common stocks will be delisted by no later than December 4 from both the Nasdaq and the Toronto Stock Exchange.New Hut common stocks, ticker symbol “HUT,” will replace it.A share of New Hut common stock was awarded to Hut8 shareholders for each Hut 8 share they held during the delisting and relisting process.The company’s preparations for the impending Bitcoin halving were disclosed by Asher Genoot, president of New Hut.As a result of pooling resources, the release states that “New Hut has access to approximately 825 MW [megawatts] of gross energy across six sites with self-mining, hosting, and managed service operations.”
The Supreme Court of British Columbia gave Hut8 final permission to merge with USBTC in September. Still, the planning started in February.The combination required legal and regulatory permission at the time from US and Canadian authorities.In addition to the legal complexities, USBTC was involved in “a legal dispute” with the City of Niagara Falls, New York, on complaints from locals regarding noise pollution caused by the mining activities. On April 7, the disagreement was resolved.
Decentralization of Bitcoin mining operations is being advocated by X (formerly Twitter) and Block co-founder Jack Dorsey.New decentralized Bitcoin mining pool Ocean, whose goal is to give miners more transparency into the process and allow them to get block rewards directly from Bitcoin instead of mining pools, just raised $6.2 million in a seed round led by Dorsey for Mummolin, the business’s parent company.