The combined company will have access to 825 MW of energy, including the operation of infrastructure with renewable energy sources and zero emissions.
Bitcoin Hut 8 miners have agreed to join US Bitcoin Corp. Both companies will be wholly owned subsidiaries under the newly formed Hut 8 Corp. Shareholders of the two companies will own 50% of the combined company.
According to the press release, “The transaction is expected to establish New Hut as a large-scale, publicly traded Bitcoin miner focused on economic mining, highly diversified revenue streams, and industry best practices in ESG.”
In regards to the merger, Jaime Leverton, CEO of Hut 8, said that “Combining Hut 8’s operational track record and diverse revenue streams with a scalable US Bitcoin mining site, a sizeable hosting business, and industry-leading infrastructure operations not only accelerates our .our diversified strategy and position for near-term growth, but also establish us as a strong, US-based player ready and able to seize additional opportunities as they arise.
The newly formed company will have access to 825 MW of gross energy in six locations, including independent mining, hosting and managed infrastructure operations. It will have 5.6 EH/s of 5.6 EH/s installed independent mine capacity, with 244 MW of energy at five sites located in:
- Obat Topi, AB
- Drumheller, AB
- Niagara Falls, NY
- Granbury, TX
- King Mountain, TX
Hosting at the King Mountain site will be owned by the King Mountain JV, where “New Hut will manage 220 MW of infrastructure hosting … powered by a mix of sources including wind and nuclear, supporting a variety of clients, including some of the industry’s largest miners.”
The combined company will also oversee a portfolio of infrastructure operations with a combined output of 680 MW, using a combination of renewable and emission-free energy sources at locations in Kearney, Nebraska and Granbury, King Mountain in Texas.
Michael Ho, co-founder and CEO of USBTC, said that, “We have been looking for the right partner to join us on our ambitious growth journey for some time and are confident that Hut 8 is the perfect fit. We were first attracted to the track record the strong Hut 8, good fiscal management in all market cycles, and the same approach to generate different revenue lines. Through this process, we have determined that the strategic impact that this Transaction will have is important: the way to use the collective vision we are to drive innovative technological advancements and be the second-to-none operator.”