Hut 8 Receives Approval to Merge with US Bitcoin
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The British Columbia Supreme Court has just granted Hut 8 Mining final approval to merge with cryptocurrency mining company US Bitcoin (USBTC).

According to the press release, the company received approval from the Canadian Competition Bureau back in March.

Under the terms of the agreement, the miners will be united through a share merger. The new structure, called Hut 8 Corp, will have its headquarters in the US and will have a hashrate of 5.6 EH/s with access to 825 MW of capacity across six sites.

The company first announced these plans in February.

According to Hut 8 representatives, the closing of the transaction is subject to "certain conditions, including USBTC's registration statement becoming effective, the approval of USBTC's stockholders, and other closing conditions customary in transactions of this nature."

The merger is expected to close in the Q4 2023.

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