TORONTO, 15 de junio de 2023 /PRNewswire/ — Hut 8 Mining Corp. (Nasdaq: HUT) (TSX: HUT), («Hut 8» or «the Company»), one of North America’s largest digital asset mining companies focused on innovation and provider of high-performance computing infrastructure, continues to make progress on the proposed business combination under which Hut 8 and US Data Mining Group, Inc. dba US Bitcoin Corp («USBTC») will combine in a stock-for-stock merger («the Transaction»). The combined company will be named «Hut 8 Corp.» («New Hut») and will be a U.S.-domiciled entity. The Transaction is expected to establish New Hut as a publicly traded, large-scale Bitcoin miner focused on cost-effective mining, highly diversified revenue streams, and industry-leading environmental, social, and governance (ESG) practices.
New Hut has filed an additional amendment to its Form S-4 Registration Statement (the «Amended Registration Statement») with the U.S. Securities and Exchange Commission (the «SEC»). As reported in the Amended Registration Statement, New Hut’s expected self-mining capacity has increased from the previously reported 7.02 EH/s to 7.5 EH/s at the close of the Transaction in the mining facilities in Medicine Hat and Drumheller in Alberta; Niagara Falls, New York; Kearney, Nebraska; and Granbury and King Mountain, Texas. The improvement is due to the energization of additional miners at USBTC sites. The 1.7 EH/s self-mining capacity at the King Mountain, Texas site is owned by the joint venture in which USBTC has a 50% stake along with a leading energy partner.
«We are making measurable advancements on key filings that will positively position New Hut to be highly competitive in the market with 7.5 EH/s of self-mining capacity,» said Jaime Leverton, CEO of Hut 8. «We remain laser-focused on completing this merger in a seamless manner to form a stronger business backed by Bitcoin and fiat revenue generated from solid operations across North America.»
The completion of the Transaction remains subject to remaining regulatory approvals, shareholder approval, court approval, and other customary closing conditions.
About Hut 8
Hut 8 is one of North America’s largest innovation-focused digital asset miners, led by a team of business builders, bitcoin enthusiasts, and the bridging of high-performance computing and burgeoning digital asset mining worlds. With two operating digital asset mining sites located in southern Alberta, Hut 8 has a high-performance compute capacity rate and one of the highest inventories of self-mined and unencumbered Bitcoins of any publicly traded digital asset miner globally. With over 36,000 square feet of geo-diverse data centre space and a cloud-connected capacity to the electrical grids powered by substantial renewable and emissions-free resources, Hut 8 is revolutionizing the digital asset space by creating the first hybrid data centre model to serve both conventional high-performance computing (HPC), blockchain and Web 3.0 capacities. Hut 8 was the first publicly traded digital asset miner in Canada on the TSX Global Select Market. Through innovation, imagination, and passion, Hut 8 is helping to define the digital asset revolution to create value and positive impacts for shareholders and generations to come.
Cautionary Note Regarding Forward-Looking Information
This press release includes «forward-looking information» and «forward-looking statements» within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, «forward-looking information»). All information, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects or anticipates will or may occur in the future, including such things as future business strategy, competitive strengths, goals, expansion and growth of the business, operations, plans, and other matters of the Company, is forward-looking information. Forward-looking information often identifies with words such as «may,» «would,» «could,» «should,» «will,» «intends,» «plans,» «expects,» «anticipates,» «envisions,» «allows,» «believes,» «estimates,» «predicts,» «potential,» «designed for,» «likely,» or similar expressions. Additionally, any statements in this press release that refer to expectations, projections, or other characterizations of future events or circumstances contain forward-looking information and include, among others, statements regarding: (i) expectations relating to New Hut’s hashrate and self-mining capacity; (ii) expected results of the Transaction; (iii) Hut 8’s and USBTC’s ability to complete the Transaction on the terms described herein, or at all, including receipt of required regulatory approvals, shareholder approvals, court approvals, stock exchange approvals, and compliance with other customary closing conditions; (iv) anticipated synergies related to the Transaction with respect to strategy, operations, and other matters; (v) projections related to expansion; (vi) acceleration of ESG efforts and commitments; (vii) USBTC’s ability to resume mining operations in Niagara Falls, New York; and (viii) New Hut’s ability to execute future opportunities, among others.
Statements containing forward-looking information are not historical facts but represent management’s expectations, estimates, and projections regarding future events based on certain factors and assumptions as of the time the statement was made. While Hut 8 considers these reasonable at the date of this press release, such statements are subject to known and unknown risks, uncertainties, assumptions, and other factors that may cause the actual results, level of activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking information, which include, among others: the ability to obtain necessary shareholder approvals and compliance with other conditions to the consummation of the Transaction on the proposed terms or at all; ability to obtain timely stock exchange, regulatory, governmental or other approvals, as assumed or at all; anticipated timing for completion of the Transaction; ability to realize the anticipated benefits of the Transaction or implement the plan of business for New Hut, including as a result of delay in completing the Transaction or difficulty in integrating the businesses of the companies involved (including retention of key employees); ability to achieve synergies and cost savings when and to the extent anticipated; potential impact on mining activities; potential impact of announcement or consummation of the Transaction on relationships, including with regulatory bodies, employees, suppliers, customers, competitors, and other key stakeholders; threats and cybersecurity and security breaches; malicious actors or botnet obtaining control of processing power on the Bitcoin network; increased development and acceptance of the Bitcoin network; changes in Bitcoin mining difficulty; loss or destruction of private keys; increases in fees to register transactions on the Blockchain; power and internet outages; geopolitical events; uncertainty in the development of cryptographic and algorithmic protocols; uncertainty as to acceptance or widespread use of digital assets; lack of anticipation of technological innovations; the COVID-19 pandemic; climate change; currency risk; credit risk and potential loss recovery; litigation risk; business integration risk; changes in market demand; changes in network and infrastructure; system disruption; changes in lease agreements; inability to realize anticipated benefits from power purchase agreements; potential for interrupted or suspended delivery of power to New Hut’s mining sites. For a full list of factors that could cause the Company’s actual results to differ from its projections, please refer to the section entitled «Risk Factors» of the Company’s annual information form and the Company’s other public filings and press releases on SEDAR and EDGAR.
