Celsius decides what it will do with its mining farms

  • Elena Klimovich
  • 11:13 Jan 26, 2023
  • 260
Celsius decides what it will do with its mining farms

Celsius, which is in bankruptcy, is forced to decide on its equipment. 

Core Scientific has returned 20,000 mining farms for which it previously provided hosting services. These devices were part of Celsius' cryptocurrency mining operations. However, according to the court order, they were disconnected. 

A decision regarding the further fate of the equipment is expected to be made in March:

Right now, we have different placement options and see that cryptocurrency mining can continue. By using its machines, the company will get additional cash flow from mining. 

The Celsius division has 27,500 pieces of equipment, and the average mining volume is 7-8 BTC daily. 

As for Core Scientific, the company does not intend to continue cooperation with Celsius, based on the fact that due to the bankruptcy filing, payments for hosting have been stopped and this has led to serious disagreements

Note that bankruptcy proceedings have also been initiated against Core Scientific itself. It could harm the servicing of debt securities, and among the investors in such securities includes Celsius. 

Experts note that the equipment acts as an important asset, which has the potential to grow in the event of an increase in the price of bitcoin. 

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