
BTC miner Hut 8 merges with US Bitcoin Corp. to weather brutal bear market
The two companies will now be subsidiaries under Hut 8 Corp., or New Hut, with USBTC benefiting from a strong balance sheet while Hut 8 accesses cheap power.
The two companies will now be subsidiaries under Hut 8 Corp., or New Hut, with USBTC benefiting from a strong balance sheet while Hut 8 accesses cheap power.
Hut 8 is accusing Validus Power Corp. of failing to meet its contractual obligations for a power purchase agreement and is demanding monetary damages.
Michelle Rempel Garner, Member of Parliament for the riding of Calgary Nose Hill, recently introduced Bill C-249, ‘an Act respecting the encouragement of the growth of the cryptoasset sector.’
Hut 8 will provide physical hosting and optimization services and access to competitive electrical power for 960 newly-purchased digital hashing computers owned by TAAL.
Per Hut 8’s short-form prospectus, the proposed offering would occur during the 25-month span in which the prospectus remains effective.
Despite nearly doubling its net income, the company saw its total revenue drop from $82 million in 2019 to $40.7 million in 2020 due to the drop on BTC halving and the COVID-19 pandemic.
When finalized, the filings will allow Hut 8 to make available securities and other instruments up to the value of CAD$500 million over a 25-month period.
The Canada-based block reward miner will use the funds to provide a US$2.9 million deposit to purchase 5,400 new Whatsminer M30S ASIC mining machines from MicroBT.
The earnings report shows the firm generated revenue of US$4.3 million in Q3, down significantly from C$26.7 million during the same period last year.
BTC's failure to "moon" as some had fervently predicted is causing a bit of heartburn over at Canada-based Hut 8 Mining Corp.
Fidelity disclosed it had purchased slightly over 4.1 million "units" of Hut 8 during the overnight market offering on June 23, 2020.
The company recently closed its previously declared underwritten public offering through a syndicate of underwriters.