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

📆 5/26/2023 3:58 AM
📰 CoinDesk

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Bitcoin Miner U.S. Bitcoin Corp. aims to be mining behemoth in the U.S. after a deal to buy, and exclusively operate CelsiusNetwork's mining assets. egreechee reports

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.. The consortium will also receive stock incentives in the new company that will house the Celsius assets.

USBTC has managed to secure hosting deals for 150,000 machines in its facilities. It is also undergoing a merger withOther members of the consortium that will be managing the Celsius assets are Proof Group Capital Management, Steven Kokinos, and Ravi Kaza.

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