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.
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.”
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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.
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