US cryptocurrency mining companies Hut 8 and US Bitcoin have just announced they have made the decision to merge into a new structure called Hut 8 Corp, which will be headquartered in the United States.
According to the announcement, the combined entity will have a hashrate of 5.6 EH/s with access to 825 MW of power across six sites.
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Michael Ho, co-founder and CEO of US Bitcoin, has said:
“We were initially attracted to Hut 8’s strong track record, admirable fiscal management through all market cycles, and like-minded approach to generating diversified lines of revenue. Through this process, we’ve determined that the strategic impact this Transaction will drive is significant : we see a clear path to leveraging our collective vision to drive innovative technology advancements and become a second-to-none operator.”
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The companies are awaiting approval of the merger by the courts, regulators and shareholders, which could happen in the second quarter of the year.