USBTC Acquires Celsius Assets to Lead US Bitcoin Mining

Strategic Acquisition by USBTC

The US Bitcoin Corporation (USBTC) has successfully acquired the assets of the bankrupt Celsius Network, positioning itself as a leading Bitcoin miner in the United States. This acquisition occurred during a competitive auction, with USBTC collaborating with the consortium Fahrenheit to secure the winning bid.

Fahrenheit Consortium's Role

Fahrenheit, a consortium including Arrington Capital, USBTC, Proof Group Capital Management, Steven Kokinos, and Ravi Kaza, was instrumental in acquiring Celsius's holdings. These holdings encompass a diverse portfolio of cryptocurrencies and mining machines. The acquisition is seen as a strategic move for USBTC, enhancing its mining capabilities to compete with industry giants like Core Scientific, Riot Platforms, and Marathon Digital Holdings.

Strengthening Mining Operations

USBTC aims to increase its computing power to 12.2 exahash/s (EH/s), solidifying its position in the competitive landscape of Bitcoin mining. The company's expertise and track record were pivotal in securing the successful restructuring bid for Celsius.

Commitment to Celsius Creditors

USBTC President Asher Genoot emphasized the company's dedication to supporting Celsius creditors. The plan includes collaborating with the restructured entity to enhance its recovery and future prospects. USBTC is set to enter exclusive agreements to manage Celsius's mining assets, receiving $15 million annually to oversee this division.

Future Prospects

The acquisition marks a significant step for USBTC in becoming a dominant force in the US Bitcoin mining sector. By leveraging its expertise and strategic partnerships, USBTC is poised to achieve substantial growth and demonstrate the potential of collaborative operations in the web3 market.