Hut 8 (HUT) and U.S. Bitcoin are the most recent crypto miners to rush to capitalise on the January Bitcoin rally. Two companies announced their merger on Wednesday, the latest in a wave of consolidation and balance-sheet shuffles from battered miners still reeling from last year’s losses. The new company would pool the resources of the two companies to form Hut 8 Corp, a crypto-mining behemoth. The transaction, also known as “New Hut,” will result in the formation of a company that will be listed on both the Toronto Stock Exchange and the Nasdaq. According to the companies, the combined firm will have a market capitalization of $990 million and will be owned by shareholders from both companies.
