US Bitcoin Corp to Operate Restructured Mining Division of Celsius, Boosting Hashrate by 12.2 EH/s

Bitcoin mining firm U.S. Bitcoin Corp (USBTC) has introduced its intention to make use of the mining property of Celsius, the defunct crypto lender. The improvement follows the acquisition of application-specific built-in circuit (ASIC) machines from the bankrupt firm by the Fahrenheit coalition, of which USBTC is a member. USBTC mentioned it goals to revive the fleet of 121,800 Celsius machines and foresees a 12.2 exahash per second (EH/s) increase to its mining operations.

US Bitcoin Corp Assumes Control of Restructured Celsius Mining Unit

According to an announcement on May 25, 2023, U.S. Bitcoin Corp (USBTC) has plans to make the most of the mining property of the now-bankrupt crypto lender, Celsius. After a number of rounds of bidding for the restructured mining division of Celsius, USBTC submitted a successful bid for the Fahrenheit coalition. The Fahrenheit coalition is a gaggle that consists of Ravi Kaza, Steven Kokinos, Proof Group Capital Management, Arrington Capital, and USBTC. Following the restructuring, Fahrenheit is about to imagine the function of the administration firm for Celsius.

Fahrenheit is slated to obtain an annual administration price of $20 million for its providers beneath a five-year settlement. As a part of the proposed restructuring, USBTC will enter into working and providers agreements with the restructured firm, gaining unique management over all bitcoin mining rigs beforehand held by Celsius. USBTC can even obtain an annual price of $15 million, web of working bills, from Fahrenheit to oversee the mining division of the revamped entity.

“Our specialized expertise and track record of execution ultimately secured Fahrenheit’s successful bid to restructure Celsius,” Michael Ho, CEO of USBTC mentioned in a press release. “Each member of the coalition brings extensive experience operating, optimizing, and scaling high-potential assets across Web3 markets.”

USBTC’s acquisition of the mining property owned by Celsius follows the agency securing hosting agreements with 5 totally different firms for 150,000 bitcoin miners. Teslawatt, Marathon Digital, Foundry USA, Sphere 3D, and Decimal Group are collaborating with USBTC to deploy the machines. The newest acquisition of Celsius’s 121,800 ASIC mining rigs will contribute 12,200 petahash per second (PH/s) — which is equal to 12.2 exahash per second (EH/s) — to USBTC’s mining capabilities.

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