Crypto miner Hut 8 Mining Corp. (NASDAQ:HUT) is merging with U.S. Data Mining Group in an all-stock transaction. The new combined entity will be called Hut 8 Corp.
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The strategic move brings together HUT’s diversified revenue streams and U.S. Data Mining’s large and scalable infrastructure and mining sites. Impressively, the new entity will have access to 825MW of gross energy and 5.6 EH/S of installed self-mining capacity.
Under the agreement, investors in HUT will receive 0.2 shares of the new entity for each HUT share held by them and will collectively own about 50% of the new entity.
Today’s announcement comes on top of a 130.5% price gain in HUT stock over the past month alone.
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