US Bitcoin Corp (USBTC) has inked a deal with the bankrupt Celsius Network, securing the hosting rights for a substantial fleet of Bitcoin miners. This move is poised to reshape the cryptocurrency mining landscape, with significant implications for the industry’s future.

Under this agreement, USBTC, a prominent operator of large-scale data centers specializing in digital asset mining, will host a staggering 8,500 Bitcoin miners. These machines are expected to deliver a hashrate of 820 petahash (PH), making this a substantial boost to USBTC’s mining capabilities.

US Bitcoin Corp (USBTC) and Celsius Opts for Sustainable Bitcoin Mining

The collaboration is underpinned by the Fahrenheit, LLC coalition, a consortium that includes USBTC, Arrington Capital, Proof Group Capital Management, Steven Kokinos, and Ravi Kaza. This partnership underscores a shared vision to redefine the Bitcoin mining landscape, focusing on not just profitability but sustainability and industry advancement.

Moreover, USBTC has selected the Alpha Site for this venture, a location known for its environmentally friendly energy profile and strategic geographical positioning. This choice aligns with the industry’s growing emphasis on sustainable mining practices.

This partnership expands USBTC’s existing hosting agreements with notable companies like Teslawatt, Marathon Digital, Foundry USA, Sphere 3D, and Decimal Group. The collective fleet under USBTC’s management is set to surpass 310,000 Bitcoin miners, including those owned by Celsius, other clients, and USBTC itself.

The involvement of Celsius Network in this deal follows its Chapter 11 bankruptcy. As part of the Fahrenheit LLC coalition, USBTC secured the winning bid to oversee Celsius Network’s assets, which include a lending portfolio, digital assets, and approximately 122,000 mining equipment. This represents a significant milestone in Celsius Network’s restructuring efforts.

Asher Genoot, President of USBTC, expressed his optimism about this collaboration, referring to it as a defining milestone for the mining industry. He envisions a future where Bitcoin mining isn’t just profitable but also environmentally responsible and industry-advancing. Furthermore, he said,

“As we drive forward in conjunction with Fahrenheit, we’re embarking on a new chapter that builds upon that success. The synergy between USBTC, Celsius, and Fahrenheit represents our commitment to redefining the mining industry.”

Meanwhile, this news follows USBTC’s recent merger with Hut 8 Mining Corp., forming a new entity named Hut 8 Corp. This merger aims to establish a large-scale, publicly traded Bitcoin miner with a focus on economical mining, diverse revenue streams, and industry-leading environmental, social, and governance practices.

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Filed under: News - @ September 1, 2023 11:10 am