USBTC Aims High After Celsius Bitcoin Mining Purchase

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  • USBTC plans to rival top Bitcoin miners in the US following its purchase of Celsius’ Bitcoin mining rigs
  • The company will add Celsius’ 121,800 rigs to its existing network
  • USBTC, funded by Fahrenheit, merged with Hut 8 in February

Watch out Bitcoin miners, there’s a new kid in town. Following its success in obtaining Celsius’ Bitcoin mining assets this week, US Data Mining Group Inc. dba US Bitcoin Corp (USBTC) has revealed that it plans to become one of the biggest Bitcoin miners in the burgeoning US Bitcoin mining scene. USBTC, which merged with mining firm Hut 8 in February, won the auction for Celsius’ mining assets as part of the Fahrenheit, LLC coalition and wants to use the acquisition as a springboard for further growth.

USBTC Has Grand Plans

USBTC is not a recognizable name in the Bitcoin mining space, but this could change as it pursues a strategy of picking up existing Bitcoin mining outfits and amalgamating them under its umbrella. In February USBTC announced a merger with Hut 8 Mining Corp., taking its total electricity capacity to more than 730 megawatts (MW).

The company states that it specializes in “developing, building, and overseeing mining sites that benefit from affordable and sustainable energy sources” and has operations that span four locations in the United States.

121,800 Rigs Added to Pool

Having won the auction for Celsius’ Bitcoin mining operation, USBTC will become the exclusive operator of all mining assets formerly owned by the company, which is on the verge of liquidation. Fahrenheit will help fund the operation to the tune of $15 million per year, with USBTC expecting to add Celsius’ 121,800 machines to its existing pool and increase its total installed hashrate by approximately 12.2 EH/s.

USBTC will also have to build 100 MW worth of infrastructure to house the Celsius rigs with another 240 MW of capacity in a behind-the-meter site also in the works.