{"id":80782,"date":"2023-06-26T17:44:18","date_gmt":"2023-06-26T14:44:18","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=80782"},"modified":"2025-09-11T19:02:31","modified_gmt":"2025-09-11T16:02:31","slug":"coinbase-extends-50m-credit-line-to-hut-8","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/coinbase-extends-50m-credit-line-to-hut-8\/","title":{"rendered":"Coinbase extends $50m credit line to Hut 8"},"content":{"rendered":"<p>The mining company Hut 8 Mining has agreed with Coinbase to open a $50 million line of credit secured by bitcoins.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">This morning, we announced that we\u2019ve entered into a US$50 million credit facility, which will give us added financial flexibility and ensure that we can maintain our dynamic Bitcoin treasury management strategy. Full release: <a href=\"https:\/\/t.co\/lGRSYy4jwP\">https:\/\/t.co\/lGRSYy4jwP<\/a>.<\/p>\n<p>\u2014 Hut 8 (@Hut8Mining) <a href=\"https:\/\/twitter.com\/Hut8Mining\/status\/1673300272418811904?ref_src=twsrc%5Etfw\">June 26, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The company plans to allocate the funds to general corporate expenses.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;The credit will give us additional financial flexibility. At the same time, the line will ensure that we can maintain our dynamic Bitcoin treasury management strategy during the <a href=\"https:\/\/forklog.com\/en\/news\/what-is-the-bitcoin-halving\">halving<\/a>,&#8221; said Hut 8 CEO Jamie Leverton.<\/p>\n<\/blockquote>\n<p>Under the agreement, Coinbase will provide a $15 million term loan. The mining company can access an additional $20 million within two months. A further $15 million would become available 15 days after the completion of the previously announced <a href=\"https:\/\/forklog.com\/en\/news\/canadian-regulator-approves-hut-8-and-us-bitcoin-merger\">merger with US Bitcoin<\/a>.<\/p>\n<p>The maturity of all tranches will be 364 days at an annual rate of 8.25%. The loans will be secured by Hut 8&#8217;s bitcoins held in Coinbase Custody.\u00a0\u00a0\u00a0\u00a0\u00a0<\/p>\n<p>As of 30 April, the company\u2019s cryptocurrency reserves stood at 9,265 BTC \u2014 about $282.3 million at the time of writing.<\/p>\n<p>Earlier, Hut 8 said it had deployed about 6,400 ASIC miners in Texas from the <a href=\"https:\/\/forklog.com\/en\/news\/hut-8-mining-sues-electricity-provider\">problematic data centre<\/a> in North Bay, Ontario.\u00a0<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">\u26cf\ufe0fIt&#8217;s time to mine! We&#8217;ll be firing up ~6,400 machines in Texas, boosting our installed capacity by 600 PH\/s and bringing our total installed hashrate to ~3.2 EH\/s ? <a href=\"https:\/\/t.co\/6rOxmggrQz\">https:\/\/t.co\/6rOxmggrQz<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/BitcoinMining?src=hash&#038;ref_src=twsrc%5Etfw\">#BitcoinMining<\/a><\/p>\n<p>\u2014 Hut 8 (@Hut8Mining) <a href=\"https:\/\/twitter.com\/Hut8Mining\/status\/1671866236676763652?ref_src=twsrc%5Etfw\">June 22, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>As a result, the company\u2019s operating hashrate rose to 3.2 EH\/s.<\/p>\n<p>In June, the aggregate hash rate of the world&#8217;s leading cryptocurrency <a href=\"https:\/\/forklog.com\/en\/news\/bitcoin-hash-rate-hits-all-time-high-2\">reached a peak<\/a> at around 394 EH\/s. The mining difficulty rose <a href=\"https:\/\/forklog.com\/en\/news\/bitcoin-mining-difficulty-hits-a-new-high-7\">to a record value<\/a> at 52.35 TH.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The mining company Hut 8 Mining agreed with Coinbase to open a $50 million line of credit secured by bitcoins.<\/p>\n","protected":false},"author":1,"featured_media":80783,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[138,1137,1136,1097],"class_list":["post-80782","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-coinbase","tag-cryptocurrency-mining","tag-hut-8","tag-lending"],"aioseo_notices":[],"amp_enabled":true,"views":"18","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/80782","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=80782"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/80782\/revisions"}],"predecessor-version":[{"id":80784,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/80782\/revisions\/80784"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/80783"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=80782"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=80782"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=80782"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}