Hut 8 Says Reorganization Plan In Celsius Network LLC Bankruptcy Proceedings Approved By Court
(RTTNews) - Digital asset miner Hut 8 Corp. (HUT, HUT.TO) announced Friday that the reorganization plan sponsored by it filed in the Celsius Network LLC bankruptcy proceedings was approved by the U.S. Bankruptcy Court for the Southern District of New York.
The plan provides for the transfer of Celsius Network LLC's mining operations to a newly-created "MiningCo," with Hut 8 managing MiningCo's mining operations under a four-year mining management agreement.
Under the managed services contract, Hut 8 will provide end-to-end managed services for MiningCo's operations at five sites in Texas, overseeing approximately 12 EH/s computing capacity (122,000 miners) and more than 300 MW of energy. Hut 8 will provide managed services at four Texas locations totaling 87 MW.
Hut 8 will also be responsible for the fifth MiningCo site's design and development, engineering, financial modeling, budgeting, accounting, construction management, procurement, logistics, RFP coordination, and the management of approximately 66,000 miners and more than 215 MW of energy once construction is complete.
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