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 Canadian bitcoin mining company, Hut 8 Mining Corp., has issued an update on its merger with the U.S. Bitcoin Mining Corporation (USBTC).&nbsp;
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In a <a style="color: #0000ff;" href="https://www.globenewswire.com/news-release/2023/11/06/2773896/0/en/Hut-8-Provides-Update-on-Business-Combination-with-USBTC.html" rel="noopener noreferrer nofollow">press release </a>published on November 6, 2023, the company announced that it had filed amendments to its Registration Statement (Form S-4) with the United States Securities Exchange Commission (SEC). However, the specific nature of these changes was not disclosed.
Hut 8 also noted that it is still awaiting approvals from regulators and USBTC’s stockholders, in addition to fulfilling other standard conditions, before finalizing the merger.&nbsp;
The company <a style="color: #0000ff;" href="https://defi-planet.com/2023/08/hut-8-minings-merger-with-us-bitcoin-corp-advances-with-courts-interim-order/" rel="noopener noreferrer nofollow">received the green light from the court</a> to proceed with the merger plan in August 2023. The merger is expected to create a new publicly traded Bitcoin mining company called “Hut8 Corp.”, which would operate from the U.S. with a focus on cost-efficient mining and diversified revenue streams.
According to the company, the new firm would be committed to practising industry-leading environmental, social, and governance (ESG) principles.
Notably, the company had predicted that <a style="color: #0000ff;" href="https://defi-planet.com/2023/08/hut-8-minings-merger-with-us-bitcoin-corp-advances-with-courts-interim-order/" rel="noopener noreferrer nofollow">the merger process would be complete by September 30, 2023</a>. But that was not the case.&nbsp;
While Hut 8 and USBTC <a style="color: #0000ff;" href="https://cointelegraph.com/news/hut-8-supreme-court-approval-usbtc-merger" rel="noopener noreferrer nofollow">received approval from the Supreme Court of British Columbia for the merger deal</a> in September 2023, the company is yet to settle matters with U.S. regulators.&nbsp;
Hut 8 has, however, continued to make significant strides amid these developments. On November 4, the company announced that it had secured court approval for a “stalking horse bid” concerning the acquisition of four natural gas power plants in Ontario. This strategic move is expected to help the company run integrated and cost-efficient mining operations.
Hut 8’s CEO, Jaime Leverton, underscored the importance of this acquisition, stating that these facilities would help the company establish more revenue-generating activities.
Leverton stated: “The facilities are also expected to give us the optionality to pursue revenue generating activity including selling energy to the market, mining Bitcoin, and powering high-demand HPC applications like AI, which is not only in keeping with our infrastructure-first strategy, but also affords us very compelling flexibility ahead of the halving.”
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The post <a rel="noopener noreferrer nofollow" href="https://defi-planet.com/2023/11/hut-8-mining-provides-updates-on-merger-with-usbtc-awaits-regulator-and-shareholder-nods/">Hut 8 Mining Provides Updates on Merger with USBTC, Awaits Regulator and Shareholder Nods</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://defi-planet.com">DeFi Planet</a>.

Hut 8 Mining Provides Updates on Merger with USBTC, Awaits Regulator and Shareholder Nods

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