US Bitcoin Corp selected to manage restructured mining division of Celsius Network LLC
Company to add more than 120,000 miners to its managed fleet, increase total hashrate under management by approximately 12.2 EH/s
The Fahrenheit coalition includes crypto industry pioneers USBTC, Arrington Capital, Proof Group Capital Management, Steven Kokinos, and Ravi Kaza. Upon restructuring, Fahrenheit will serve as the management company of the broader Celsius entity. Fahrenheit will receive a management fee of
“Our specialized expertise and track record of execution ultimately secured Fahrenheit’s successful bid to restructure Celsius,” said Michael Ho, CEO of USBTC. “Each member of the coalition brings extensive experience operating, optimizing, and scaling high-potential assets across web3 markets.”
Under the proposed restructuring, USBTC will enter into one or more operating and services agreements with the restructured company to become the exclusive operator of all mining assets formerly owned by Celsius. In addition to a portion of the management fee, USBTC will also receive from Fahrenheit a fee of
“We are deeply committed to building value for the creditors of Celsius,” said Asher Genoot, President of USBTC. “Just as we did with Generate Capital and NextEra Energy in the Compute North bankruptcy, we will help another deserving partner emerge from bankruptcy stronger than ever. We’re incredibly excited to get to work and show the world what we can achieve together.” The consummation of Celsius’ restructuring transaction is subject to approval of the Bankruptcy Court.
About US Bitcoin Corp (USBTC)
USBTC is a leading industrial-scale operator of bitcoin mining sites, specializing in the design, construction, and management of sites with access to low-cost and sustainable sources of energy. The company operates four sites across
USBTC announced an all-stock merger of equals with Hut 8 Mining Corp. on February 7, 2023, which is subject to customary closing conditions. The combined company will be named Hut 8 Corp. and will be a
Disclaimer
This press release incorporates "future-oriented information" and "forward-looking statements" as per
Statements containing forward-looking information are not historical facts; instead, they signify management's expectations, estimates, and projections about future events based on certain significant factors and assumptions at the time the statement was made. While US Data Mining Group Inc. dba US Bitcoin Corp (“USBTC”) deems these statements reasonable as of the press release's date, such statements are subject to recognized and unknown risks, uncertainties, assumptions, and other factors that may result in the actual results, activity level, performance, or achievements being materially different from those conveyed or implied by such future-oriented information.
The forward-looking statements included in this press release are provided as of the press release's date, and USBTC expressly disclaims any duty to update or modify statements containing any future-oriented information, or the factors or assumptions underlying them, whether due to new data, future events, or otherwise, except as mandated by law. Except where otherwise specified herein, the information provided herein is based on matters as they exist as of the date of preparation and not as of any future date and will not be updated or otherwise revised to reflect information that subsequently becomes available, or circumstances existing or changes occurring after the date of preparation.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230525005908/en/
For more information, visit www.usbitcoin.com or contact info@usbitcoin.com
Source: US Bitcoin Corp