US Bitcoin to manage restructured mining division of defunct cryptocurrency business Celsius Network

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On heels of a positive development for the business combination agreement, as announced in February, wherein Hut 8 (NASDAQ:HUT) and U.S. Data Mining dba US Bitcoin (USBTC) will combine in an all-stock merger of equals.
US Data Mining Group dba US Bitcoin after numerous rounds of bidding in a competitive auction procedure made the winning proposal, and will run the reorganised mining segment of defunct cryptocurrency business Celsius Network LLC, including a loan portfolio, crypto assets, and 121,800 mining equipment.
USBTC has submitted the winning bid as part of the Fahrenheit, LLC consortium.
The move makes USBTC one of the largest miners in the United States by increasing computing power to 12.2 exahash/s (EH/s).
After the restructure, Fahrenheit will serve as the overall Celsius organization’s management firm. A five-year contract with Celsius will pay Fahrenheit a $20 million yearly management fee. In addition, Fahrenheit will pay USBTC a fee of $15 million year for managing the mining section of the reorganised business after subtracting operating expenses.
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