Hut 8 Mining, a Canadian cryptocurrency mining company, has publicly announced its desire to merge with US Bitcoin to become Hut 8 Corp., often referred to as “New Hut.” Hut 8 Mining is also known as “New Hut”.

The news that the boards of both firms had given their unanimous approval to a final business combination agreement was disclosed in a statement issued by Hut 8 on February 7. Through the execution of this agreement, the two mining businesses will be merged into a single US-based corporation. Upon completion of the merger, Hut 8 Mining and US Bitcoin, also known as USBTC, will become subsidiaries of New Hut, with the company’s shareholders collectively owning fifty percent of the newly merged business. The former locations of Hut 8 Mining and USBTC will hereafter be referred to as New Hut.

It not only accelerates our diversified strategy and positions us for near-term growth, but also establishes us as a strong US-based player that is ready and able to take advantage of additional opportunities as they arise, according to the Hut 8 CEO, Jaime Leverton. “Bringing together Hut 8’s operating history and diversified revenue streams with scalable US Bitcoin mining sites, sizeable hosting business, and industry-leading managed infrastructure operations,” said Jaime Leverton, CEO of Hut 8. Bitcoin mining is the main focus of Bitcoin USA, a company that was founded in 2014.

It is anticipated that after the merger is finalized, the New Hut company would have access to around 825 megawatts of electricity across a total of six separate sites, which could then be used for bitcoin mining and other operations. This will include five sites in the United States, including New York and Texas, as well as one location in Canada, the province of Alberta. Each of these five locations will have a capacity of 5.6 exhashes per second (EH/s) for their own mining activities.