On February 7, 2023, Hut 8 Mining Corp. and U.S. Data Mining Group, Inc., known as US Bitcoin Corp (USBTC), announced a definitive business combination agreement. Both Boards have unanimously approved the all-stock merger, resulting in the formation of "Hut 8 Corp.", a U.S.-domiciled company. The merger positions the combined entity as a significant publicly traded Bitcoin miner emphasizing economical mining, diversified revenue, and ESG best practices. The new entity will access around 825 MW of energy across six sites and manage 680 MW of infrastructure operations from various energy sources. In the deal, Hut 8 shareholders will receive 0.2 of a New Hut share for each Hut 8 share, effectively consolidating Hut 8 shares 5 to 1. USBTC shareholders will receive 0.6716 of a New Hut share for each USBTC share. This transaction values the combined company at approximately $1.3 billion (U$990 million). Upon completion, both companies will become wholly-owned subsidiaries of New Hut. Completion requires approvals from Hut 8 shareholders (minimum 66 2/3% votes), USBTC stockholders, regulatory and court authorities, and listing approvals from the Toronto Stock Exchange and The Nasdaq Capital Market. Closing is expected in the second quarter of 2023. Hut 8's advisors are Stifel GMP, Bennett Jones LLP, and Skadden, Arps, Slate, Meagher & Flom LLP. USBTC's advisors include Needham & Company, Stikeman Elliott LLP, Greenberg Traurig, P.A., and Brown Rudnick LLP.