US Bitcoin Corp to Host Celsius Miners in Major Industry Move
US Bitcoin Corp Hosts Celsius Miners
US Bitcoin Corp (USBTC), a prominent data center operator, has announced its new venture hosting 8,500 Bitcoin miners from the insolvent crypto lender Celsius at its Alpha Site. This move is expected to generate an estimated hashrate of 820 petahash (PH), highlighting USBTC's growing influence in the crypto mining sector.
Expansive Hosting Deal
This hosting arrangement is part of a broader agreement where USBTC might manage up to 310,000 Bitcoin miners. These miners will belong not only to Celsius but also to other significant clients such as Teslawatt, Foundry USA, Marathon Digital, Decimal Group, and Sphere 3D. This expansive deal emphasizes USBTC’s strategic role in advancing the Bitcoin mining infrastructure.
Key Role in Celsius Restructuring
USBTC, in collaboration with the Fahrenheit LLC consortium, won an auction in May to manage Celsius assets, which include a lending portfolio and around 122,000 mining machines. USBTC will oversee Celsius's mining division and spearhead the development of a 100-megawatt Bitcoin mining facility. This initiative is contingent upon Celsius's completion of its restructuring process and necessary bankruptcy court approvals.
Industry Impact and Future Plans
The president of USBTC, Asher Genoot, regards this deal as a transformative moment for the mining sector. This collaboration represents a significant industry shift, aiming to enhance the mining landscape through strategic partnerships.
Merger with Hut 8 Mining Corp
In related developments, USBTC has completed its merger with Bitcoin mining firm Hut 8 Mining Corp, resulting in the formation of a new entity, Hut 8 Corp. This merger, initially announced in February, signifies a continuation of USBTC's expansion and consolidation efforts in the mining industry.
Celsius's Strategic Moves
Celsius, on another front, has secured court approval to survey account holders about a proposal to repay an estimated $2 billion in Bitcoin and Ether. This repayment plan involves a new user-owned company, marking a critical step in Celsius's reorganization efforts.
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