#CryptoCorner #Podcast: #Cryptocurrency #Stocks in the News: (NasdaqGS: $HUT) (NasdaqCM: $CLSK)
Hut 8 Provides Update on Business Combination, CleanSpark Announces Phase Two of Mining Campus in Washington, GA, and the Financial Stability Board Publishes Global Regulatory Framework for Crypto
Vancouver, Kelowna, Delta, BC July 17, 2023 - Investorideas.com, a leader in crypto and blockchain investing news brings you today’s edition of the Crypto Corner podcast and commentary on what’s driving cryptocurrency stocks and the crypto market.
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Stocks discussed: (NasdaqGS:HUT) (NasdaqCM:CLSK)
Hut 8 Mining Corp. (NasdaqGS:HUT) has posted an update regarding its proposed business combination with U.S. Data Mining Group, Inc. – dba US Bitcoin Corp – wherein the two firms will combine in an all-stock merger of equals and be called "Hut 8 Corp." (New Hut). The combination, according to the press release, “is expected to establish New Hut as a large scale, publicly traded Bitcoin miner focused on economical mining, highly diversified revenue streams, and industry leading environmental, social, and governance (ESG) practices.” New Hut has filed a further amendment to its Form S-4 Registration Statement with the U.S. Securities and Exchange Commission. Jaime Leverton, CEO of Hut 8, said:
"We continue to make progress toward closing the transaction with USBTC and look forward to securing SEC clearance for New Hut's registration statement in the near term. We believe that once completed, the merger will establish a strengthened, dynamic business backed by both Bitcoin and fiat revenues generated from robust North American-wide operations."
CleanSpark, Inc. (NasdaqCM:CLSK) has announced that phase two of its mining campus in Washington, Georgia, is live. Phase two boasts a power capacity of 50 megawatts (MW) or just over 15,000 mining machines, of which about 10,500 are already in operation. Zach Bradford, CEO of CleanSpark, said:
"The speed with which our team has successfully executed this expansion testifies to the technical expertise and experience that we have gained since we transitioned from an energy company to a bitcoin mining company. But it couldn't have been possible without local contractors and the Washington, GA, community, who have been supportive partners of our efforts to generate sustainable economic growth in the area. This expansion has already helped us get more than halfway to our year-end guidance of 16 EH/s."
The Financial Stability Board (FSB) has published its global regulatory framework for crypto-asset activities today, which aims “to promote the comprehensiveness and international consistency of regulatory and supervisory approaches.” The framework, for which the FSB was tasked by the G20, focusses on: (i) ensuring adequate safeguarding of client assets; (ii) addressing risks associated with conflicts of interest; and (iii) strengthening cross-border cooperation. According to the document, Central Bank Digital Currencies (CBDCs), are not subject to recommendations focussing on addressing risks to financial stability.
Sam Mowers, Investorideas
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