Fahrenheit Group Acquires Celsius’ Bankruptcy Assets: A New Era for Bitcoin Mining

The Fahrenheit group, a consortium including US Bitcoin, Arrington Capital, and Proof Group Capital Management, has successfully acquired Celsius’s bankruptcy assets, according to the Hashrateindex. The assets include up to $500 million worth of crypto assets and 12 EH/s of new-generation Bitcoin mining ASICs. This acquisition marks a significant shift in the Bitcoin mining landscape.

Celsius, founded in 2017, had ambitious plans to become one of the biggest Bitcoin miners in North America. However, after investing $200 million in its mining fleet and other ventures, the company filed for bankruptcy. Now, the Fahrenheit group will take over Celsius’s assets, including over 43,000 active Bitcoin mining rigs.

US Bitcoin is set to manage these rigs and host them at its facilities across the US. The company will also build a 100 MW Bitcoin mining facility for the new company at a projected cost of $39.5 million. This move is expected to solidify US Bitcoin’s position in the Bitcoin mining industry.

The deal also includes a $35 million management fee for the Fahrenheit group to handle Celsius’ assets. This fee will likely go to US Bitcoin to manage Celsius’ fleet. The agreement also allows the Fahrenheit group to purchase US Bitcoin’s New York mining farm for $28.75 million or host 8,500 rigs at this location.

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