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Hut 8 Mining Corp., one of the largest public Bitcoin mining companies, said it has entered into a $50 million credit facility with a unit of Coinbase Global Inc.
The agreement comes as Bitcoin miners prepare for a preprogrammed event on the digital asset’s blockchain, dubbed the halving. The update cuts the amount of token rewarded to its miners, which has been the main source of revenue for those companies, in half every four years until the supply reaches its 21 million cap in about 2140. The reward will be down from 6.25 to 3.125 Bitcoin to the miners that successfully process a unit of data on the network in 2024.
