#CryptoCorner #Podcast: #Cryptocurrency #Stocks in the News: (NasdaqGS: $HUT) (NasdaqCM: $CLSK)
#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
For
investors following the sector Investor Ideas has a comprehensive
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