Two of the largest Bitcoin mining companies are about to become one.
What’s happening:
- Hut8 (NASDAQ: HUT) and US Bitcoin have been approved by Canadian courts to go ahead with a merger
- The combined entity will form one of the largest Bitcoin mining companies in the world
Why it matters:
- Hut8 was one of the first publicly listed Bitcoin mining companies ever and has continued to ramp up their operations throughout fluctuations in Bitcoin’s price
- Further, Hut8 recently announced their expansion into high performance computing to power generative AI workloads
- The new combined entity will not only be one of the largest pure play Bitcoin miners but also one of the largest data centres and high performance computing companies in North America
The intrigue:
- US Bitcoin’s operations in Texas are largely powered by renewable energy such as solar and wind
The fine print:
- While Hut8 shareholders voted overwhelmingly to approve the deal, the merger still requires final shareholder approval from US Bitcoin
