Celsius Network chooses Hut 8 to build out new crypto mining site

By Sarah Lizee

Olympia, Wash., Dec. 18 – Celsius Network LLC has chosen Hut 8 Corp. to build out and install mining operations in Cedarvale, Tex., according to a press release from Hut 8.

Once complete, the site will house around 66,000 miners and be powered by more than 215 MW of energy.

“We believe that the strength of Hut 8's managed services business with 680 MW currently under management, coupled with our track record of swiftly standing up mining infrastructure and efficiently running and optimizing operations, were key factors in being chosen as the partners for this project,” Asher Genoot, president of Hut 8, said in the release.

“Our goal is twofold: to build equity with creditors of Celsius while also growing the strength and vitality of our managed services business, which we anticipate will have more than 895 MW of infrastructure under our umbrella once the site is up and running.”

Under the interim agreement with Celsius Mining LLC, Hut 8 will provide end-to-end development services for the Cedarvale site, and construction is expected to begin in the coming weeks.

The scope of the services to be provided includes site design, engineering, financial modeling, budgeting, accounting, construction management, procurement, logistics, and request-for-proposals coordination.

As a reminder, last month Celsius Network announced that it plans to transition to a Bitcoin mining-only company when it emerges from bankruptcy.

Celsius Network, a Hoboken, N.J.-based cryptocurrency lending platform, filed bankruptcy on July 13, 2022 under Chapter 11 case number 22-10964.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.