2023-09-01 13:07:04
US Bitcoin Corp (USBTC) has signed an agreement with the insolvent Celsius Network, securing hosting rights for a significant fleet of Bitcoin mining machines. This move is set to reshape the cryptocurrency mining landscape, with significant implications for the future of the industry.
under this agreementUS Bitcoin Corp, a leading operator of large data centers specializing in the mining of digital assets, will house the amount of 8,500 Bitcoin mining devices. These machines are expected to generate a hashrate of 820 petahash (PH), which is a significant boost to USBTC’s mining capabilities.
USBTC And Celsius Opt For Sustainable Bitcoin Mining
The collaboration is backed by the Fahrenheit Coalition, LLC, a consortium that includes USBTC, Arrington Capital, Proof Group Capital Management, Steven Kokinos and Ravi Kaza. This partnership underscores a shared vision of redefining the Bitcoin mining landscape, focusing not only on profitability, but also on sustainability and advancing the industry.
Additionally, US Bitcoin Corp has selected the Alpha Site for this project, a site known for its environmentally friendly energy profile and its strategic geographic location. This choice aligns with the industry’s growing emphasis on sustainable mining practices.
This partnership expands USBTC’s existing hosting agreements with leading companies such as Teslawatt, Marathon Digital, Foundry USA, Sphere 3D and Decimal Group. The collective fleet under USBTC management is poised to exceed 310,000 Bitcoin miners, including those from Celsius, other clients, and USBTC.
Celsius Network’s participation in this deal follows its Chapter 11 bankruptcy. As part of the Fahrenheit LLC coalition, USBTC was awarded the winning bid to oversee the assets of Celsius Network, which include a loan portfolio, digital assets and approximately 122,000 mining rigs. This represents a major milestone in Celsius Network’s restructuring efforts.
Asher Genoot, president of USBTC, expressed his optimism for this collaboration, referring to it as a defining milestone for the mining industry. He sees a future where Bitcoin mining is not only profitable, but also environmentally responsible and innovative. Asher added:
“As we move forward in conjunction with Fahrenheit, we are embarking on a new chapter that builds on that success. The synergy between USBTC, Celsius and Fahrenheit represents our commitment to redefine the mining industry.”
Meanwhile, This news follows USBTC’s recent merger with Hut 8 Mining Corp., forming a new entity called Hut 8 Corp.. This merger aims to establish a large-scale, publicly traded Bitcoin miner with a focus on economic mining, taking into account diverse revenue streams and industry-leading environmental, social and corporate governance practices.
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