thejoyofsaving.comUSBTC Merger: The Supreme Court of British Columbia has given Hut 8 final clearance to complete the proposed merger with USBTC.
After receiving final clearance from the British Columbia Supreme Court, Canadian Bitcoin mining company Hut 8 is prepared to complete its intended merger with US Bitcoin (USBTC).
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The move was announced by Hut8 and USBTC in February 2023 and was pending shareholder and regulatory clearance. Hut 8 Corporation, sometimes known as “New Hut,” the result of the merger between Hut 8 and USBTC, will be a publicly listed US company.
The merger will free up 825 megawatts of capacity across six distinct Bitcoin mining and data center locations, according to an early Hut 8 release.
Although the merger has received final approval from the Supreme Court of British Columbia, there are still a few conditions that need to be satisfied before the transaction can be closed, including the approval of USBTC shareholders.
Before the end of 2023, according to Hut 8, the final transaction confirming the merger and establishment of New Hut is anticipated to occur.
Additionally, New Hut intends to list its shares on the Nasdaq and Toronto stock markets, where they will trade with the symbol $HUT. In order to obtain shares of New Hut Common Stock when the merger is completed, shareholders will also need to complete and submit transmittal letters.
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In order to meet the rising demand for artificial intelligence (AI) and high-performance computing, Hut 8 recently relocated around 6,400 ASIC mining rigs from its dormant North Bay site in Ontario to the U.S. state of Texas.
The site’s hardware had to be relocated due in major part to an ongoing legal battle between Hut 8 and a third-party energy provider, Validus Power, over alleged breaches of contract. Since November 2022, operations at the mining site have been halted.
Additionally, in August 2023, Foundry Digital, the institutional mining and staking arm of Digital Currency Group, made a formal cooperation announcement with Hut 8. Hut 8 will support a variety of Foundry business solutions utilizing its data center in Ontario as part of the agreement. Since 2020, Foundry has supported its cryptocurrency mining pool using Hut 8 infrastructure.
