US Bitcoin Corp (USBTC) has announced that it will host 8,500 Bitcoin miners with an estimated hashrate of 820 petahash belonging to bankrupt crypto lender Celsius at its Alpha Site. This is part of an arrangement that could see it manage up to 310,000 Bitcoin miners from Celsius and other clients. 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. USBTC president Asher Genoot described the deal as a defining milestone for the mining industry. He said that the synergy between USBTC, Celsius, and Fahrenheit represents their commitment to redefining the mining industry. USBTC has also 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.

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Information	Details
Geography	North America
Countries
Sentiment	positive
Relevance Score	8
People	Asher Genoot,
Companies	Decimal Group, Teslawatt, Marathon Digital, US Bitcoin Corp, Fahrenheit LLC, Sphere 3D, Foundry USA
Currencies	Ethereum, Bitcoin
Securities	None