Hut 8s Jaw-Dropping $50M Coinbase Credit Deal Unveiled!

By Lola Coin Jun 26, 202356Views

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Canadian crypto mining company Hut 8 Mining Corp has secured a $50 million credit facility from Coinbase Credit Inc, a subsidiary of American crypto exchange Coinbase. The credit facility will be used for general corporate purposes. The facility is structured in three parts, with a $15 million term loan available immediately, an option to borrow an additional $20 million in the future, and the possibility to borrow an extra $15 million after the merger with U.S. Bitcoin Corp. Hut 8 CEO Jaime Leverton highlighted the importance of the credit line ahead of the Bitcoin halving event in 2024. The halving event, which occurs every four years, reduces the mining rewards by half and is designed to maintain Bitcoin scarcity. While previous halvings have boosted BTC’s price, the impact on future halvings remains uncertain. The 2024 halving event will reduce Bitcoin rewards from 6.25 to 3.125 BTC.

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