US Bitcoin Corp to host 8,500 of Celsius’ mining rigs as part of asset management deal News โธ US โธ Celsius โธ Bitcoin โธ Bankruptcy
US Bitcoin Corp to host 8,500 of Celsius’ mining rigs as part of asset management deal
The data center operator said it could manage up to 310,000 Bitcoin miners from Celsius and other clients.
1 min read
Updated: Aug. 31, 2023 at 6:53 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Data center operator US Bitcoin Corp (USBTC) will host 8,500 Bitcoin (BTC) miners with an estimated hashrate of 820 petahash (PH) belonging to bankrupt crypto lender Celsius at its Alpha Site, according to an Aug. 31 press statement.
According to the statement, this represents part of an arrangement that could see it manage up to 310,000 Bitcoin miners from Celsius and other clients, such as Teslawatt, Foundry USA, Marathon Digital, Decimal Group, Sphere 3D, and its machines.
In May, USBTC, as a member of the Fahrenheit LLC consortium alongside other partners, secured the auction to oversee Celsius assets. These assets include a lending portfolio and approximately 122,000 mining machines.
USBTC’s responsibilities encompass the management of the insolvent lender’s mining division, alongside the pivotal role of facilitating the establishment and operation of a 100-megawatt Bitcoin mining facility.
Meanwhile, when the bankrupt lender completes its restructuring process, the miner has a separate right to enter into operating and service agreements with the new firm. However, these agreements are subject to the approval of the bankruptcy court.
Speaking on the deal, USBTC president Asher Genoot described it as a defining milestone for the mining industry. Genoot 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.”
USBTC has completed its merger with Bitcoin miner Hut 8 Mining Corp. The announcement of this merger, initially made in February, culminated in the formation of a new entity named Hut 8 Corp.
Mentioned in this article
Author 
Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
Editor Editor 
Jacob Oliver
Jacob Oliver is a recovering academic and English teacher turned crypto journalist and web3 writer. He holds a Ph.D. from the University of Washington.
Latest US Stories
Latest Bitcoin Stories
In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Celsius Network
Celsius Network is a bankrupt cryptocurrency lending company that was founded in 2017 and headquartered in Hoboken, New Jersey.
US Bitcoin Corp
US Bitcoin Corp, also known as US BTC, specializes in constructing and managing state-of-the-art data centers dedicated to safeguarding the Bitcoin network.