US Bitcoin Corp to Manage Restructured Celsius Mining Unit, Will Receive $15 Million Annually in Fees to Manage Celsius Mining Assets

2023-05-26 09:13:24ForesightShare to:

According to Foresight News, US mining company and high-performance computing infrastructure provider US Bitcoin Corp (USBTC) has been selected to manage the restructured Celsius Network LLC (Celsius) mining division. USBTC submitted the winning bid as part of the Fahrenheit Alliance. Under the proposed Celsius restructuring, USBTC will enter into one or more operating and service agreements with the restructured company, becoming the exclusive operator of all mining assets previously owned by Celsius.
USBTC will also receive an annual fee of $15 million from Fahrenheit for the management of the Celsius mining assets (net of operating expenses). USBTC expects to increase the total installed hash rate it manages by about 12.2 EH/s after the 121,800 miners are fully powered on.
Foresight News previously reported that the Fahrenheit Alliance won the bid to acquire bankrupt crypto lending firm Celsius Network. The Fahrenheit alliance includes USBTC, Arrington Capital, Proof Group Capital Management, Steven Kokinos and Ravi Kaza. Fahrenheit will receive an annual management fee of $20 million as part of the five-year agreement with Celsius.

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