Hut 8 CEO Dismisses Crypto Market Downturn As Reason For Merger With US Bitcoin

Crypto trade FTX's fall apart and average crypto marketplace turmoil have been now no longer key elements withinside the choice to merge crypto mining organization Hut eight with US Bitcoin Corp., consistent with Hut eight CEO Jamie Leverton.

Leverton advised CoinDesk that he changed into assured that Hut eight might be capable of manipulate the transition well, noting that it has had extra than a 12 months of enjoy with mining operations.

The merger is anticipated to be finished via way of means of the stop of August, if all is going consistent with plan. In addition to Hut eight's current staff, US Bitcoin Corp has agreed to lease a further 60 human beings from Hut eight as soon as each entities are combined.

The new agency can be run via way of means of former Hut eight COO John Derr and previous US Bitcoin Corp CEO Jordan Kelley. Kelley stated that there can be a number of synergies among the 2 companies once they integrate efforts.