Celsius

Bitcoin

In a significant move in the digital asset <a href="https://ultramining.com/news/en/texas-residents-challenge-bitcoin-mining-industrys-impact-on-power-grid-and-communities/" rel="noopener noreferrer nofollow">mining industry</a>, <a href="https://ultramining.com/news/en/hut-8s-q2-2023-a-bitcoin-mining-marvel/" rel="noopener noreferrer nofollow">Hut 8</a> Corp., a leading North American digital asset mining pioneer, has entered an interim agreement to expand its mining operations at a site in Cedarvale, <a href="https://ultramining.com/news/en/texas-residents-challenge-bitcoin-mining-industrys-impact-on-power-grid-and-communities/" rel="noopener noreferrer nofollow">Texas</a>, in connection with the Celsius Network LLC bankruptcy proceedings, according to <a href="https://www.globenewswire.com/news-release/2023/12/18/2797628/0/en/Hut-8-selected-by-Celsius-debtors-to-build-out-Cedarvale-Texas-site.html" rel="noopener noreferrer nofollow">Globenewswire</a>.
Asher Genoot, President of Hut 8, emphasized the company's strength in managed services, with 680 MW currently under management, and its proven ability to swiftly establish and optimize mining operations as key factors in securing this partnership. The goal is dual: to build equity with Celsius creditors and to enhance the company's managed services business. Once operational, the Cedarvale site will boost Hut 8's managed services infrastructure to over 895 MW.
This strategic agreement comes in the wake of Celsius's 2022 collapse and subsequent bankruptcy declaration in July. Its former CEO, Alex Mashinsky, faced arrest in July 2023 on multiple fraud charges. Hut 8's collaboration with Celsius debtors follows Celsius's bankruptcy court approval to transform into a creditor-owned Bitcoin mining firm, a move aimed at repaying customers. Hut 8's integration with <a href="https://ultramining.com/news/en/major-bitcoin-mining-pool-foundry-usa-to-introduce-fee-structure/" rel="noopener noreferrer nofollow">US</a> Bitcoin Corp (USBTC), which completed a merger in November 2023, and its previous deal to host 8,500 miners at USBTC's Alpha Site, underlines Hut 8's commitment to expanding its mining capabilities and fostering industry resilience.

Hut 8 Boosts Mining Infrastructure

Ultramining_Eng

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