{"id":549677,"date":"2023-02-09T08:00:38","date_gmt":"2023-02-09T05:00:38","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/hut-8-merger-wouldve-happened-even-without-ftx-or-crypto-turmoil-says-ceo\/"},"modified":"2023-02-09T08:00:38","modified_gmt":"2023-02-09T05:00:38","slug":"hut-8-merger-wouldve-happened-even-without-ftx-or-crypto-turmoil-says-ceo","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/hut-8-merger-wouldve-happened-even-without-ftx-or-crypto-turmoil-says-ceo\/","title":{"rendered":"# Hut 8 merger would&#8217;ve happened even without FTX or crypto turmoil, says CEO"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a382af67378b\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a382af67378b\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/hut-8-merger-wouldve-happened-even-without-ftx-or-crypto-turmoil-says-ceo\/#%E2%80%9D_Hut_8_merger_wouldve_happened_even_without_FTX_or_crypto_turmoil_says_CEO_%E2%80%9C\" >&#8221; Hut 8 merger would&#8217;ve happened even without FTX or crypto turmoil, says CEO &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Hut_8_merger_wouldve_happened_even_without_FTX_or_crypto_turmoil_says_CEO_%E2%80%9C\"><\/span>&#8221; Hut 8 merger would&#8217;ve happened even without FTX or crypto turmoil, says CEO &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDIvMTUzNjBkNGMtODlmMi00MmM3LWE4NzMtZjc4N2VhMzg1ZjMwLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-4bbf85c5>Crypto exchange FTX\u2019s collapse and overall crypto market turmoil were not key factors in the decision to merge crypto mining firm Hut 8 with US Bitcoin Corp., according to Hut 8 CEO Jamie Leverton.\u00a0<\/p>\n<p>On Feb. 8, Leverton<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bnnbloomberg.ca\/hut-8-mining-s-ceo-on-merger-with-us-bitcoin-1.1881146\"> said<\/a> that the merger was mainly about providing diversified revenue and helping scale the combined businesses, stating: <\/p>\n<blockquote><p>\u201cI think this deal would have h<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ened regardless. The ability for us to bring these businesses together we think is so incredibly complementary.\u201d <\/p><\/blockquote>\n<p>The all-stock merger was announced on Feb. 7 with the combined company, now called Hut 8 Corp or \u201cNew Hut,\u201d to be based primarily in the United States rather than Canada.<\/p>\n<p>Regarding the FTX collapse in November, Leverton said that fears were \u201cstarting to subside a little bit,\u201d and interest was returning to the crypto industry.<\/p>\n<p>She added, \u201cI think we&#8217;re seeing a lot of interest come back into this space, we&#8217;ve seen significant appreciation across the space so far in 2023.\u201d<\/p>\n<p>Merging the two mining firms is \u201cgoing to provide an incredible amount of scale,\u201d she continued, adding that there will be \u201cdiversified revenue programs,\u201d which is a good strategy for both companies independently.<\/p>\n<p>New Hut will reportedly have access to around 825 megawatts across six facilities in New York, Texas, and Alberta province in Canada. Its total combined mining capacity will be 5.6 exahashes per second (EH\/s).<\/p>\n<p>Commenting on the choice of location, Leverton said that it was in the best interest of the business to have \u201cdiversified geographies,\u201d adding:<\/p>\n<blockquote><p>\u201cOne of the advantages here is [that the merger is] giving us that geographic diversification. There&#8217;s uncertainty in regulatory environments on both sides of the border,\u201d<\/p><\/blockquote>\n<p>Hut 8 has a mining facility in North Bay, Ontario, however, operations have been suspended due to an ongoing court battle with its energy supplier.<\/p>\n<p>US Bitcoin\u2019s Niagara facility has issues of its own with an ongoing dispute with the City of Niagara Falls over complaints by residents regarding noise levels. <\/p>\n<p>The firm provided more details on the merger in a presentation on Feb. 8. The transaction is expected to close in Q2, 2023, and is subject to shareholder, regulatory, and stock exchange approvals. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">For more information on our proposed strategic merger with USBTC, please see our presentation, here: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/Wg1shII9ei\">https:\/\/t.co\/Wg1shII9ei<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/1TjHAYTTiw\">pic.twitter.com\/1TjHAYTTiw<\/a><\/p>\n<p>\u2014 Hut 8 (@Hut8Mining) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Hut8Mining\/status\/1623320752622653442?ref_src=twsrc%5Etfw\">February 8, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Earlier this week, Leverton said that during the interim period, the firm plans to cover its operating costs through a combination of selling the Bitcoin it mines, and exploring various debt options.<\/p>\n<p><strong><em>Related:<\/em><\/strong><strong><em> <\/em><\/strong><strong><em>Bitcoin miner Hut 8 takes stoush with Ontario power supplier to court<\/em><\/strong><\/p>\n<p>Hut 8 stock slumped 8% on the day the merger was announced. Furthermore, according to <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.marketwatch.com\/investing\/stock\/hut\">MarketWatch<\/a>, Hut shares had fallen 1.2% on the day to $2.12 in after-hours trading. The stock is currently trading 86% down from its November 2021 all-time high of $15.28.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"crypto_biz\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/hut-8-merger-would-ve-happened-even-without-ftx-or-crypto-turmoil-says-ceo\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Hut 8 merger would&#8217;ve happened even without FTX or crypto turmoil, says CEO &#8220; Crypto exchange FTX\u2019s collapse and overall crypto market turmoil were not key factors in the decision to merge crypto mining firm Hut 8 with US Bitcoin Corp., according to Hut 8 CEO Jamie Leverton.\u00a0 On Feb. 8, Leverton said that&#8230;<\/p>\n","protected":false},"author":1,"featured_media":549678,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/15360d4c-89f2-42c7-a873-f787ea385f30.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74989,75042,117],"class_list":["post-549677","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-mining","tag-mining","tag-business"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/549677","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=549677"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/549677\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/549678"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=549677"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=549677"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=549677"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}