Hut 8 Mining progresses on US Bitcoin merger, increases expected capacity

Hut 8 Mining ( NASDAQ: HUT ) said on Thursday it continues to make progress on its proposed meger with U.S. Data Mining Group, which does business as US Bitcoin Corp. (USBTC), and has increased the expected self-mining capacity of the combined company. The companies now expect installed capacity of 7.5 EH/s compared with the 7.02 EH/s it had previous disclosed. The combined company will have mining faclities at Medicine Hat and Drumheller in Alberta, Canada; Niagara Falls, NY; Kearney, NE; and Granbury and King Mountain, TX. The increase in capacity is from the energization of additional miners at USBTC's sites. The 1.7 EH/s installed self-mining capacity at the King Mountain, TX, site is owned by a joint venture that's half owned by USBTC. The two companies agreed in February to the all-stock merger of equals that was to give the combined company, to be called Hut 8 Corp., a market capitalization of ~US$990M. "We are making measurable progress on key files," said Hut 8 ( HUT ) CEO Jaime Leverton, without giving any estimate on when the deal is expected to be completed. Completion remains subject to remaining regulatory approvals, shareholder approval, court approval, and other customer closing conditions, the company said. Hut 8 Mining ( HUT ) stock dropped 4.3% in Thursday premarket trading on a day when bitcoin ( BTC-USD ) also fell 4.3% . More on the Hut 8, US Bitcoin Corp. Merger: Hut 8 Mining: Energy Woes and Upcoming Merger US Bitcoin to manage restructured mining division of Celsius Network The Bitcoin Miners Are Flying, but Where Is Hut 8 Going? Hut 8: Even More Questions Now