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CDS Collaboration Hut 8 secured a 50 million Dollars loan from Coinbase’s subsidiary

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Hut 8 secured a 50 million Dollars loan from Coinbase’s subsidiary

Hut 8 Mining, as a leading crypto miner in Canada, has signed a $50 million credit agreement with Coinbase Credit.

sevval27/06/20231 Mins read681

Hut 8 Secured A 50 Million Dollar Loan From Coinbase'S Subsidiary

Hut 8 Mining, one of Canada’s leading crypto miners, has signed a $50 million credit agreement with Coinbase Credit.

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Hut 8 Secured a 50 Million Dollars Loan From Coinbase’s Subsidiary

Hut 8, a company known as a Bitcoin miner, announced on June 26th that it has signed a $50 million credit agreement with its subsidiary and Coinbase Credit. This agreement has been made for general corporate purposes.

Following the closing, there will be an additional delayed payment of $20 million and a third borrowing of $15 million within 15 business days after the completion of the merger with the Bitcoin mining company, US Bitcoin Corp. or USBTC, which will take place within one to two months.

Regarding the latest development, the CEO of the company Jamie Leverton stated that the credit facility will increase the company’s financial flexibility.

About Hut 8

The company has emerged as a significant Bitcoin miner who continues to hold onto Bitcoin, considering the major financial challenges and difficulties faced by the Bitcoin mining industry. Currently, the Bitcoin mining sector is confronted with a range of challenges such as energy costs, hardware expenses, and increasing difficulty levels. However, despite these challenges, Hut 8 has demonstrated a strong stance by holding onto Bitcoin amidst market fluctuations.