Cryptocurrency NewsUSBTC to Host 8,500 Bitcoin Miners from Distressed Crypto Lender Celsius as...

USBTC to Host 8,500 Bitcoin Miners from Distressed Crypto Lender Celsius as Part of Larger Deal

US Bitcoin Corp (USBTC), a data center operator, has confirmed that it will house 8,500 Bitcoin mining machines from the financially troubled crypto lending firm, Celsius. This will take place at USBTC’s Alpha Site, according to a press release dated August 31. These mining machines are anticipated to deliver a combined hashrate of around 820 petahash.

This housing deal is just a component of a larger agreement, which might result in USBTC overseeing up to 310,000 Bitcoin miners. These would be owned by Celsius and other clientele including Teslawatt, Foundry USA, Marathon Digital, Decimal Group, and Sphere 3D.

Earlier in May, USBTC along with its partners in the Fahrenheit LLC consortium, successfully bid to manage Celsius’ assets, which include a lending portfolio and roughly 122,000 mining machines. USBTC will take charge of the defunct lender’s mining division and also be instrumental in the development and operation of a 100-megawatt Bitcoin mining facility.

Upon the completion of Celsius’ financial restructuring, USBTC could enter into operational and service contracts with the reorganized entity, subject to bankruptcy court approval.

Asher Genoot, USBTC’s president, sees this partnership as a milestone in the evolution of the mining industry. “Our collaborative efforts with Celsius and Fahrenheit mark a new phase that builds on prior successes and shows our commitment to redefining the mining sector,” he said.

In a related development, USBTC has completed its merger with Hut 8 Mining Corp, leading to the formation of a new company called Hut 8 Corp. This merger was initially disclosed in February.

On another note, Celsius has secured court approval to survey its account holders regarding a proposal to repay around $2 billion in Bitcoin and Ether through a newly established user-owned corporation. The court endorsed the disclosure statement related to the joint restructuring plan, verifying that it meets the necessary criteria.


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