USBTC Aims to Become Bitcoin Mining Giant After Deal to Buy Celsius Assets

USBTC Aims to Become Bitcoin Mining Giant After Deal to Buy Celsius Assets

U.S. Bitcoin Corp. (USBTC) is looking to be one of the largest miners in the U.S. by increasing its computing power by 12.2 exahash/second (EH/s), following a deal to buy mining assets from bankrupt lender Celsius, according to a press release.

The miner is part of a consortium, named Fahrenheit, that won a bankruptcy auction for the Celsius assets, which include a lending portfolio, crypto assets and 121,800 mining machines. Once it brings all the mining rigs online, it will have total of about 270,000 mining rigs, the miner told CoinDesk. This will raise its computing power to the ranks of mining giants such as Riot Platforms (RIOT), Core Scientific (CORZ) and Marathon Digital Holdings (MARA).

Under the Celsius deal, USBTC will enter into one or more operating and services agreements to be the “exclusive operator” of the Celsius mining fleet, the miner said. On top of that, USBTC will receive a $15 million annual management fee for the mining assets, net of operating expenses, the firm added.