{"id":25343,"date":"2023-12-29T20:42:18","date_gmt":"2023-12-29T20:42:18","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/hut-8-to-manage-mining-operations-for-celsius-networks-newly-created-miningco\/"},"modified":"2023-12-29T20:42:18","modified_gmt":"2023-12-29T20:42:18","slug":"hut-8-to-manage-mining-operations-for-celsius-networks-newly-created-miningco","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/hut-8-to-manage-mining-operations-for-celsius-networks-newly-created-miningco\/","title":{"rendered":"Hut 8 to manage mining operations for Celsius Network\u2019s newly-created MiningCo"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/12\/1703867837024-b70c54b0-532e-41bd-9622-0ef570f86c05-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/12\/1703867837024-b70c54b0-532e-41bd-9622-0ef570f86c05-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/12\/1703867837024-b70c54b0-532e-41bd-9622-0ef570f86c05-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/12\/1703867837024-b70c54b0-532e-41bd-9622-0ef570f86c05-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li dir=\"ltr\">Hut 8 says it will manage mining operations for MiningCo at five sites under a four-year contract.<\/li>\n<li dir=\"ltr\">The digital asset miner will oversee 122,000 miners with 12 EH\/s of computing capacity and over 300 MW of energy.<\/li>\n<li dir=\"ltr\">The announcement follows the US bankruptcy court\u2019s approval of Celsius Network\u2019s reorganization plan.<\/li>\n<\/ul>\n<p dir=\"ltr\">Hut 8 Corp, a digital asset miner headquartered in Miami, Florida, will manage the mining operations of MiningCo, a newly created mining company approved by the US Bankruptcy Court for the Southern District of New York in view of the Celsius Network LLC reorganization plan.<\/p>\n<p dir=\"ltr\">The plan allows Celsius to transfer its mining operations to MiningCo. It\u2019s part of Celsius Network\u2019s bankruptcy proceedings.<\/p>\n<h2 dir=\"ltr\">Hut 8 to provide managed services under 4-year contract<\/h2>\n<p dir=\"ltr\">As CoinJournal <a href=\"https:\/\/coinjournal.net\/news\/celsius-network-granted-approval-to-pivot-to-bitcoin-mining\/\">reported<\/a>, US bankruptcy judge Martin Glenn approved the restructuring plan that allows Celsius Network to pivot its operations fully to Bitcoin mining.<\/p>\n<p dir=\"ltr\">In its <a href=\"https:\/\/hut8.com\/2023\/12\/29\/court-grants-approval-for-hut-8-to-proceed-with-full-mining-operations-plan-in-connection-to-celsius-network-llc-bankruptcy-proceedings\/\" rel=\"noopener noreferrer\" target=\"_blank\">announcement<\/a> today, Hut 8 said the court\u2019s approval of the reorganization plan the company had sponsored allows it to manage operations for MiningCo at five sites. Hut 8 will also oversee 122,000 miners with 12 EH\/s of computing capacity and over 300 MW of energy.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">This just in \ud83d\udcf0\u27a1\ufe0f our reorganization plan filed in the Celsius Network LLC bankruptcy proceedings was approved. This means providing end-to-end managed services for five sites in Texas, overseeing ~12 EH\/s computing capacity (122,000 miners) and more than 300 MW of energy.<\/p>\n<p>Read\u2026<\/p>\n<p>\u2014 Hut 8 (@Hut8Mining) <a href=\"https:\/\/twitter.com\/Hut8Mining\/status\/1740702961209061741?ref_src=twsrc%5Etfw\">December 29, 2023<\/a><\/p>\n<\/blockquote>\n<p dir=\"ltr\">As granted by the court, Hut 8 will manage MiningCo\u2019s mining operations under a four-year managed services contract.<\/p>\n<p dir=\"ltr\">Commenting on the approval, Hut 8 president Asher Genoot said:<\/p>\n<p dir=\"ltr\">\u201c<em>The mining plan that was presented to the creditors and the courts is strong and sound, and we look forward to proceeding with construction imminently at the Cedarvale, Texas site, and managing four additional sites once the process closes in the first quarter of 2024<\/em>.\u201d<\/p>\n<p dir=\"ltr\">Hut 8 will use the opportunity to grow its managed services business. The company also hopes to help build equity for Celsius\u2019 creditors through MiningCo, Genoot added.<\/p>\n<p dir=\"ltr\">Apart from the four Texas locations at Rebel, East Isle, Style and Garden City (cumulatively having 87 MW), Hut 8 will also manage services at Cedarvale, Texas, MiningCo\u2019s fifth site.\u00a0<\/p>\n<p dir=\"ltr\">Celsius struck <a href=\"https:\/\/coinjournal.net\/news\/us-bitcoin-corp-deal-with-celsius-network\/\">a mining deal with US Bitcoin Corp<\/a> in August, and selected the company which recently combibed its business with Hut 8 as the provider of end-to-end development services at Cedarvale.<\/p>\n<p dir=\"ltr\">Hut 8 will thus oversee the site\u2019s design and development, which when completed, will have roughly 66,000 miners and offer more than 215 MW of energy.\u00a0<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><a href=\"https:\/\/coinjournal.net\/news\/hut-8-to-manage-mining-operations-for-celsiuss-newly-created-miningco\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News ) Hut 8 says it will manage mining operations for MiningCo at five sites under a four-year contract. The digital asset miner will oversee 122,000 miners with 12 EH\/s of computing capacity and over 300 MW of energy. The announcement follows the US bankruptcy [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":25344,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/25343"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=25343"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/25343\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/25344"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=25343"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=25343"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=25343"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}