Hut 8 to manage mining operations for Celsius Network’s newly-created MiningCo

10:45 am
December 30, 2023

**Summary:** Hut 8 Corp, a digital asset mining company, will be managing the operations of MiningCo, a newly formed mining company created as part of the Celsius Network LLC’s reorganization plan. The US Bankruptcy Court has approved the restructuring plan, allowing Hut 8 to oversee mining operations at five sites under a four-year contract. This strategic move is a significant development in the cryptocurrency industry.

Hut 8, the digital asset miner based in Miami, Florida, is set to manage the mining operations for MiningCo, a newly established mining company approved by the US Bankruptcy Court for the Southern District of New York, as part of the reorganization plan for Celsius Network LLC. The plan enables Celsius to shift its mining operations to MiningCo, forming a crucial aspect of their bankruptcy proceedings.

Under the approved restructuring plan, Hut 8 will manage operations for MiningCo at five sites. This will involve overseeing 122,000 miners with a computing capacity of 12 EH/s and more than 300 MW of energy. Additionally, a four-year contract has been granted by the court, allowing Hut 8 to provide managed services for MiningCo’s mining operations.

Asher Genoot, the President of Hut 8, expressed his optimism regarding the approval and emphasized the company’s commitment to executing a robust mining plan. The company aims to initiate construction at the Cedarvale, Texas site shortly, and subsequently manage four additional sites upon the process’s completion in the first quarter of 2024. Hut 8 also intends to leverage this opportunity to expand its managed services business and contribute to building equity for Celsius’ creditors through its association with MiningCo.

Notably, Hut 8 will supervise operations at five sites, including four locations in Texas and the Cedarvale site. The company has also been chosen to provide end-to-end development services at the Cedarvale location, which, upon completion, will accommodate approximately 66,000 miners and offer more than 215 MW of energy.

**FAQ:**

1. **What is the significance of Hut 8 managing MiningCo’s operations?**
– Hut 8 Corp taking over the management of MiningCo’s mining operations is a key development within the cryptocurrency industry, particularly in the context of the reorganization plan for Celsius Network LLC.

2. **What are the details of the four-year contract between Hut 8 and MiningCo?**
– Under the approved restructuring plan, Hut 8 will provide managed services for MiningCo’s mining operations for a period of four years. This encompasses overseeing operations at five sites, involving a substantial number of miners and computing capacity.

3. **What are Hut 8’s future plans following this development?**
– Hut 8 aims to expand its managed services business and contribute to building equity for Celsius’ creditors through its association with MiningCo. The company also anticipates significant growth as it takes on the management of multiple additional sites in the near future.

4. **Where will Hut 8 be overseeing MiningCo’s operations?**
– Hut 8 will manage operations at five sites, including locations in Texas such as Rebel, East Isle, Style, Garden City, and the Cedarvale site.


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