U.S. Bitcoin Corp. (USBTC) said it plans to operate the mining assets tied to the restructured mining division of bankrupt crypto lender Celsius, a move that could significantly expand the company’s bitcoin mining footprint. The development follows the successful bid submitted by the Fahrenheit coalition, a group that includes USBTC, for Celsius’ restructured mining business. As part of the plan, USBTC expects to bring 121,800 ASIC mining machines back into operation, adding an estimated 12.2 exahash per second (EH/s) to its mining capacity.
Fahrenheit Wins the Celsius Mining Restructuring Bid
According to the announcement, Celsius’ mining restructuring process involved multiple rounds of bidding before Fahrenheit emerged as the winning group. The coalition includes Ravi Kaza, Steven Kokinos, Proof Group Capital Management, Arrington Capital, and USBTC. Once the restructuring is completed, Fahrenheit is set to become the management company for Celsius.
Under the proposed arrangement, Fahrenheit will receive an annual $20 million management fee for its services through a five-year agreement. The structure gives the coalition a central role in overseeing the reorganized entity while also positioning USBTC as the operating specialist for the mining side of the business.
USBTC Takes Exclusive Operational Control
USBTC said it will enter into operating and services agreements with the restructured company, giving it exclusive control over all bitcoin mining rigs previously owned by Celsius. In return, the company is expected to receive an annual fee of $15 million, net of operating expenses, from Fahrenheit for supervising the mining division of the revamped entity.
Michael Ho, CEO of USBTC, said the company’s experience in operating and scaling mining infrastructure helped secure Fahrenheit’s successful bid. He added that each member of the coalition brings extensive expertise in operating, optimizing, and growing high-potential assets across Web3 markets.
121,800 ASIC Miners Could Expand USBTC’s Scale
The core of the transaction is the planned revival of Celsius’ fleet of 121,800 ASIC miners. USBTC estimates that these machines will contribute 12,200 petahash per second (PH/s), equivalent to 12.2 EH/s, to its overall mining operations. That is a meaningful increase in scale for any industrial bitcoin miner, particularly in an environment where operational efficiency, hosting capacity, and power management are critical to profitability.
By securing operational control over these machines, USBTC is not simply adding equipment. It is also stepping into a larger role within one of the crypto industry’s more closely watched restructuring efforts. The ability to restart, manage, and optimize such a large installed base of mining hardware will likely be seen as a test of execution for both USBTC and the broader Fahrenheit coalition.
Part of a Broader Expansion Strategy
The Celsius-related deal also builds on USBTC’s earlier expansion moves. Before this announcement, the company had already secured hosting agreements with five separate companies covering the deployment of 150,000 bitcoin miners. Those counterparties include Teslawatt, Marathon Digital, Foundry USA, Sphere 3D, and Decimal Group.
That backdrop matters because it suggests USBTC is pursuing growth not only through direct asset control but also through infrastructure partnerships and hosting arrangements. Adding Celsius’ mining fleet to that broader strategy could materially strengthen the company’s standing in the North American mining landscape, especially if the machines are deployed efficiently and integrated into existing operations without major delays.
Why the Deal Matters
The agreement highlights how distressed crypto assets can be repurposed through restructuring rather than liquidation alone. In Celsius’ case, mining equipment that was tied to a failed crypto lender may now become the basis of a reorganized operating unit under new management. For USBTC, the opportunity lies in turning stranded or underutilized hardware into productive mining capacity.
At the same time, the arrangement underscores the increasing specialization within bitcoin mining. Financial sponsors, restructuring coalitions, hosting providers, and mining operators are playing distinct roles. Fahrenheit is positioned as the managerial layer of the restructured Celsius entity, while USBTC is responsible for the operational side, including direct supervision of the mining fleet.
If the restructuring proceeds as outlined, USBTC will be tasked with one of the more prominent mining turnarounds in the sector. The planned 12.2 EH/s increase, tied to the restart of 121,800 machines, makes this more than a routine hosting or services agreement. It is a large-scale operational mandate linked to the recovery of value from a bankrupt crypto firm’s infrastructure assets.
For the broader market, the announcement offers another example of how bitcoin mining assets remain strategically valuable even when their original owners fail. For USBTC, it represents both a growth opportunity and a high-profile execution challenge as it works to bring a major dormant mining fleet back online.