US Bitcoin Corp To Power Up BTC Mining With 150,000 Rigs

Author: Murtuza Merchant | May 18, 2023 10:20am

United States Bitcoin Corp (USBTC) has inked extensive multi-year contracts to accommodate 150,000 Bitcoin mining rigs, among notable companies such as Marathon Digital Holdings (NASDAQ:MARA), reflecting a recovery of the mining sector, striving to bounce back after a challenging 2022.

The crypto slump last year led to a host of significant miners filing for bankruptcy, Compute North included, which originally managed the three USBTC locations.

The Bitcoin mining facilities are located in Kearny, Nebraska, Granbury, Texas, and Upton County, Texas, Coindesk reported.

The stakes in two of these sites - one each in Nebraska and Texas - previously held by Compute North, were bought by energy investment firm Generate Capital.

Meanwhile, the operation in Upton County is jointly managed with NextEra Energy (NYSE:NEE), with each company owning a 50% stake.

Also Read: Ledger Update Could Have Major Implications for Crypto Industry: Here's What You Need To Know

USBTC's roster of new hosting clients includes Foundry, Sphere 3D Corp (NASDAQ:ANY), Decimal Group, and TeslaWatt. USBTC is currently in the process of merging with Canada-based Hut 8 Mining (NASDAQ:HUT), marking one of the most significant consolidation efforts within the sector.

While USBTC continues to witness positive developments in its operations, including securing an agreement with the city of Niagara Falls to maintain its Bitcoin mining operation there, its prospective merger partner, Hut 8, is grappling with operational challenges.

USBTC has opted to remain silent regarding the anticipated value of these hosting contracts, citing regulations related to disclosure during a merger.

Read Next: Binance Loses 15% Market Share — But The Company Is Just Fine With It

Posted In: ANY HUT MARA NEE