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

U.S. mining company and high-performance computing infrastructure provider U.S. Bitcoin Corp (USBTC) has been selected to manage the restructured Celsius Network LLC (Celsius) mining arm, with USBTC submitting the winning bid as part of the Fahrenheit consortium. Under the proposed Celsius reorganization, USBTC will enter into one or more operating and service agreements with the reorganized 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 consortium had 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.