Canada's Hut 8 Mining Corp will merge with rival US Bitcoin Corp to create a crypto mining giant in North America, consolidating after a steep fall in valuations for the crypto sector that saw high-profile collapses in recent months.
Bitcoin are seen in this illustration picture taken September 27, 2017. REUTERS/Dado Ruvic/File Photowill merge with rival US Bitcoin Corp to create a crypto mining giant in North America, consolidating after a steep fall in valuations for the crypto sector that saw high-profile collapses in recent months.
The companies said the combined entity will have a market capitalization of around $990 million, and be equally owned by shareholders of both the companies. The merged entity, to be called Hut 8 Corp, will be listed on both the Toronto Stock Exchange and the Nasdaq after the all-stock deal. In December, Binance.US said it will acquire assets of bankrupt crypto lender Voyager Digital in a deal valued at roughly $1 billion.
Reporting by Mehnaz Yasmin and Niket Nishant in Bengaluru; Editing by Sohini Goswami and Shinjini Ganguli
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bitcoin miners Hut 8 and US Bitcoin merge to form new US-based entityHut 8 and US Bitcoin will merge to form Hut 8 Corp. The new company will have 5.6 EH/s of self-mining and access to 825 megawatts across six sites.
Read more »
Crypto mining firms Hut 8 and US Bitcoin plan mergerSubject to court approval, a merger deal will combine Hut 8 Mining and U.S. Bitcoin as subsidiaries under New Hut.
Read more »
Bitcoin Miners Hut 8, US Bitcoin Corp. Announce MergerBitcoin mining firms Hut8Mining and U.S. Bitcoin Corp. are merging to form a new company with access to 825 MW of energy. Egreechee reports
Read more »
Bitcoin mining report: Feb. 6Bitcoin mining stocks were mostly lower on Monday.
Read more »
Robert Kiyosaki Says He Likes Bitcoin — Calls BTC 'People's Money' – Featured Bitcoin NewsRich Dad Poor Dad author Robert Kiyosaki says he likes bitcoin, calling the cryptocurrency 'people's money.' $BTC crypto
Read more »
More Than 7,000 Ordinals Inscriptions Have Already Been Included on the Bitcoin Blockchain – Bitcoin NewsThe Ordinals protocol, which came about due to a feature present in the Taproot update, already has served to bring more than 7,000 inscriptions (Bitcoin NFTs) to the blockchain.
Read more »