Hut8 Mining operates as US-domiciled entity following USBTC merger
Amid the delisting and relisting process, Hut8 shareholders received one New Hut common stock for every Hut 8 share held, an official announcement confirmed.
Crypto mining companies Hut 8 Mining Corp.
Canada-based Hut 8 announced the completion of the merger on Nov.
After much anticipation… we’re thrilled to announce the completion of our merger of equals with USBTC! We are now officially operating as a U.S.-domiciled entity, Hut 8 Corp. with 825 MW of energy under management across 11 sites with self-mining, hosting, managed services, and… pic.twitter.com/yJ3uou326o
— Hut 8 (@Hut8Mining) November 30, 2023
The merger will result in the delisting of Hut 8 common stocks from the Toronto Stock Exchange and Nasdaq by or before Dec.
Asher Genoot, president of New Hut, revealed the company’s plan to ready itself for the upcoming Bitcoin (BTC) halving.
Hut8 received final clearance from the Supreme Court of British Columbia to merge with USBTC in September. However, the planning process began in February.
At the time, the merger was subject to court and regulatory approval by U.S.
Related: Bitcoin mining firm Phoenix Group delays share listing
As the two major crypto miners join hands to harness their resources, X (formerly Twitter) and Block co-founder Jack Dorsey has taken steps to decentralize the Bitcoin mining operation.
Dorsey recently led a $6.2 million seed round for Mummolin, the parent company of the new decentralized Bitcoin mining pool Ocean, which is designed to provide more transparency into the mining process and enable miners to receive block rewards directly from Bitcoin rather than mining pools.
Go to Source
Author: Arijit Sarkar
