Claim BonusJust-In: US Bitcoin Corp Signs Major Deal With Celsius Network
US Bitcoin Corp on Thursday announced it has secured a deal with Celsius Network LLC to host crypto miners at the USBTC Alpha Site. This marks a significant development after the Fahrenheit LLC consortium won the bid to acquire assets of bankrupt crypto lender Celsius Network. Amid the rising Bitcoin mining difficulty, the deal is beneficial for both entities.
US Bitcoin Corp Gets 8500 Miners
North America’s leading Bitcoin mining company US Bitcoin Corp (USBTC) has secured a deal with a deal with Celsius Network to run an initial 8,500 miners at the USBTC Alpha Site. The miners have an estimated sticker hashrate of 820 petahash (PH), as per a press release on August 31.
USBTC is part of the Fahrenheit LLC coalition that received the bankruptcy court’s approval to acquire insolvent lender Celsius Network. The assets were previously valued at around $2 billion. Arrington Capital, Proof Group Capital Management, Steven Kokinos, and Ravi Kaza are also part of the Fahrenheit consortium.
Asher Genoot, President of USBTC, said:
“The opportunity to manage the Celsius assets marked a defining milestone. Together with Fahrenheit, we envision a future where Bitcoin mining is not just profitable but sustainable and industry-advancing.”
The company expects to manage a fleet of over 310,000 Bitcoin miners including miners owned by Celsius. US Bitcoin Corp has similar agreements with Teslawatt, Marathon Digital, Foundry USA, Sphere 3D, and Decimal Group.
Meanwhile, the company will merge with Hut 8 Mining Corp and renamed to Hut 8 Corp. It aims to establish a large-scale, publicly traded Bitcoin miner focused on “economical mining, highly diversified revenue streams, and industry leading environmental, social, and governance (ESG) practices.”
Also Read: Judge Approves New Attorney For Binance After SEC’s Secret Filing
Celsius Plans on Asset Sales
Celsius Networks secured the court permission to start polling its account holders over the new proposal of repaying an estimated $2 billion in Bitcoin (BTC) and Ether (ETH) via a new user-owned company.
The court has approved the disclosure statement associated with the joint reorganization plan, meeting the required standards.
Also Read: XRP Lawyer Deaton And Top Analyst Predict Binance And Coinbase’s Win Against US SEC
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Saylor’s Strategy Hints at Bigger Bitcoin Buy Amid $5B Unrealized Losses
- Crypto Market Today: Pi, Pepe, DOGE, and XRP Post Double-Digit Gains
- Trump-Backed American Bitcoin Reserves Surpass 6,000 BTC, Now Worth $425.82M
- Expert Predicts Bitcoin Dip to $49K as ‘Trump Insider’ Whale Dumps 5,000 BTC
- Bitcoin Price Rebounds $70K, Here are the Top Reasons Why?
- Crypto Price Prediction For This Week: Dogecoin, Solana and Cardano
- Bitcoin Price Prediction: How Could Brazil’s Strategic Bitcoin Reserve Proposal Impact BTC?
- 3 Top Reasons Pi Network Price Surging Today (14 Feb)
- XRP Price Prediction Ahead of Potential U.S. Government Shutdown Today
- Bitcoin Price Outlook As Gold And Silver Lose $3.6 Trillion in Market Value
- XRP and Ethereum Price Prediction as Trump Seeks to Lower Key Tariffs
