Coinspeaker
Hut 8 Mining Secures $50M in Credit Facility from Coinbase to Continue Operations
In an official announcement on Monday, June 26, Hut 8 Mining – one of the biggest public-listed crypto miners – said that it has secured $50 million in credit facility from Coinbase Global to fund its operations.
This also includes the closing of a highly anticipated merger with peer firm US Bitcoin Corp (USBTC). This development comes just one year ahead as miners gear up for the Bitcoin halving 2024 event. The Bitcoin halving event will cut miners’ token rewards to half from 6.25 to 3.125 Bitcoin.
Hut 8 Mining Corp noted that the Credit Facility from Coinbase provides a $15 million term loan. This is likely to be funded in a very short period of time after funding. The Credit Facility will also have an option of drawing an additional US$20 million within one or two months following the closing.
Similarly, the third borrowing will provide an additional $15 million delayed-draw term loa
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