What is the Significance of Hut 8's Court-Approved Plan in the Celsius Network Bankruptcy Case?
Hut 8 Advances in Digital Asset Mining with Court-Approved Plan for Celsius Network Operations
December 29, 2023 – Hut 8 Corp. , a leading force in North America's digital asset mining and high-performance computing infrastructure, has received approval from the United States Bankruptcy Court for the Southern District of New York for its reorganization plan. This significant development, filed in the Celsius Network LLC bankruptcy proceedings, marks a pivotal moment for Hut 8's expansion in the digital asset mining sector.
Court-Approved Reorganization Plan: A New Era for Hut 8
The court's decision facilitates the transfer of Celsius Network LLC’s mining operations to a new entity, "MiningCo. " Hut 8 is set to manage MiningCo’s mining operations under a four-year agreement, showcasing the company's strategic growth and operational expertise.
Asher Genoot's Vision for the Future
Asher Genoot, President of Hut 8, expressed confidence in the robust mining plan presented to creditors and the courts. The immediate focus is on constructing the Cedarvale, Texas site and managing four additional sites, with the process expected to close in the first quarter of 2024.
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Genoot emphasized Hut 8's proven capability in building and managing efficient mining operations and its commitment to growing the managed services business while building equity for Celsius creditors.
Overseeing Five Sites and Substantial Computing Capacity
Under the managed services contract, Hut 8 will oversee operations at five Texas sites, managing an impressive 12 EH/s computing capacity with 122,000 miners and over 300 MW of energy. The four Texas locations include Rebel (25 MW), East Isle (30 MW), Style (20 MW), and Garden City (12 MW).
Cedarvale Site: A Major Responsibility
In Cedarvale, Texas, Hut 8's responsibilities will encompass site design and development, engineering, financial modeling, and various aspects of construction management. The site will house approximately 66,000 miners and over 215 MW of energy post-construction. This marks a significant addition to Hut 8's managed services portfolio.
Merger with US Data Mining Group and Future Prospects
Hut 8's recent merger with U. S. Data Mining Group, Inc. , operating as US Bitcoin Corp (USBTC), and its selection by Celsius for the Cedarvale site development highlights the company's growing influence in the digital asset mining domain.
About Hut 8 Corp
Hut 8 Corp. is renowned for its innovative approach to creating value through Bitcoin mining, hosting, managed services, energy arbitrage, and traditional data center operations. Its diverse infrastructure portfolio spans eleven sites, including five high-performance computing data centers across British Columbia and Ontario, and six Bitcoin mining and hosting sites in Alberta, New York, Nebraska, and Texas.
Pioneering in Bitcoin Treasury Strategy
Notably, Hut 8 Corp. maintains one of the highest inventories of self-mined Bitcoin among publicly-traded companies globally, underlining its unique approach to digital asset management.
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