<a href=”https://en.coin-turk.com/bitcoin-critical-levels-revealed-investors-eyes-on-these-2-levels/”>Crypto mining companies Hut 8 Mining Corp. and US Bitcoin Corp (USBTC) have decided to merge their operations to establish a new entity called New Hut in the United States. Canada-based Hut 8 announced the partnership, described by New Hut CEO Jaime Leverton as one of the largest mergers and acquisitions in the crypto sector, was completed on November 30. Leverton served as the CEO of Hut 8 for over three years before the partnership.
The Hut 8 and USBTC Partnership
The partnership will be finalized with the delisting of Hut 8’s shares from the Toronto Stock Exchange and Nasdaq by December 4 or earlier, to be replaced by New Hut shares under the symbol HUT. During the delisting and relisting process, Hut 8 investors will own 0.2 New Hut shares for each Hut 8 share they hold. New Hut President Asher Genoot announced the company’s plan to prepare for the upcoming Bitcoin halving event, stating: “New Hut, by combining resources, will have access to approximately 825 MW of gross energy across six facilities through mining, hosting, and managed service operations.”
Jack Dorsey’s Significant Step Toward the Mining Industry
Hut8 announced that it received final approval from the British Columbia Supreme Court in September 2022 to merge with USBTC, although the planning process began in February. At that time, the merger was subject to court and regulatory approval from US and Canadian authorities.
In addition to legal complexities, USBTC was involved in a legal dispute with residents of Niagara Falls City in New York over noise pollution allegations related to its mining operations. This dispute was resolved on April 7.
Twitter and Block co-founder Jack Dorsey recently took significant steps towards decentralizing Bitcoin mining operations. Dorsey recently led a $6.2 million seed round for Ocean, a new decentralized Bitcoin mining pool designed to increase transparency in the mining process and allow miners to receive block rewards directly via Bitcoin, bypassing mining pools, for its parent company Mummolin.
