Bankruptcy Court Approves Hut 8 Digital Mining Plan for Celsius Network Operations

By Adriano Marchese

Hut 8 said it has received court approval to begin full bitcoin mining operations in connection with Celsius Network's bankruptcy proceedings.

The dual-listed digital asset mining company said Friday Celsius Network's mining operations will be transferred to a newly-created company called MiningCo, which Hut 8 will manage under a four-year agreement.

The move was approved by the U.S. Bankruptcy Court for the Southern District of New York.

"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," Hut 8 President Asher Genoot said.

Last month, Hut 8 combined businesses with U.S. Data Mining Group, which does business as US Bitcoin, and was selected by Celsius to provide development services for the Cedarvale site.

Write to Adriano Marchese at [e-mail]

(END) Dow Jones Newswires

12-29-23 0719ET