Hut 8 will oversee mining activities for the recently established MiningCo of Celsius

According to a four-year contract, Hut 8 will oversee mining activities at five locations for MiningCo.

The digital asset miner will manage 122,000 miners with more than 300 MW of energy and 12 EH/s of processing power.

The statement came after Celsius Network’s reorganisation plan was approved by the US bankruptcy court.

The mining operations of MiningCo, a recently established mining business authorised by the US Bankruptcy Court for the Southern District of New York in light of the Celsius Network LLC reorganisation plan, will be managed by Hut 8 Corp, a digital asset miner with its headquarters located in Miami, Florida.

Celsius will be able to transfer its mining activities to MiningCo according to the plan. It is a component of Celsius Network’s bankruptcy case.

Judge Martin Glenn of the US bankruptcy court authorised the restructuring plan that enables Celsius Network to completely shift its business to Bitcoin mining.

Hut 8 stated in a statement today that it is now able to oversee MiningCo’s operations at five locations after the court approved the reorganisation plan the company had sponsored. In addition, Hut 8 will manage 122,000 miners with more than 300 MW of electricity and 12 EH/s of processing power.

Hut 8 plans to take advantage of this chance to expand its managed services division. The company also hopes to use MiningCo to help build equity for Celsius’ creditors.

In addition to Hut 8’s four Texas locations—Rebel, East Isle, Style, and Garden City—Hut 8 will oversee services at MiningCo’s fifth site, Cedarvale, Texas, which has a combined 87 MW. 

In August, Celsius signed a mining agreement with US Bitcoin Corp. and chose the business that had just merged with Hut 8 to provide end-to-end development services at Cedarvale.

Disclaimer: This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.

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