In light of the increasing difficulty of Bitcoin mining, US Bitcoin Corp announced that it has agreed with Celsius Network LLC to host cryptocurrency miners at its Alpha Site on Thursday.
The foremost Bitcoin mining company in North America, US Bitcoin Corp (USBTC), has agreed with Celsius Network to operate an initial 8,500 miners at the USBTC Alpha Site. A press release dated August 31 states that the miners’ estimated sticker hash rate is 820 petahash (PH).
USBTC is a member of the Fahrenheit LLC coalition, which was granted permission by the bankruptcy court to acquire the insolvent lender Celsius Network.
Previously, the assets were valued at approximately $2 billion. The Fahrenheit consortium includes Arrington Capital, Proof Group Capital Management, Steven Kokinos, and Ravi Kaza.
President of USBTC Asher Genoot stated:
“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 anticipates managing a fleet of more than 310,000 Bitcoin miners, including Celsius’s miners. Similar agreements exist between US Bitcoin Corp. and Teslawatt, Marathon Digital, Foundry USA, Sphere 3D, and Decimal Group.
The company will subsequently merge with Hut 8 Mining Corp and be renamed Hut 8 Corp. It intends to establish a publicly traded Bitcoin miner concentrating on “economic mining, highly diversified revenue streams, and industry-leading environmental, social, and governance (ESG) practices.”
Celsius to Sell Asset
Celsius Networks obtained permission from the court to begin polling its account holders regarding a new proposal to repay an estimated $2 billion in Bitcoin (BTC) and Ether (ETH) via a new user-owned company.
The court has authorized the disclosure statement associated with the joint reorganization plan as meeting the requirements.
