Crypto Lender Celsius Network Invests $300M in North American Bitcoin Mining Operations : Report

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Cryptocurrency lender Celsius Community has additional invested $300 million for its bitcoin mining operations in North America, taking the entire funding this yr to $500 million, in accordance with a report from The Block.

  • The $300 million comes after Celsius invested $200 million earlier this yr in bitcoin mining tools and fairness of bitcoin mining companies Core Scientific, Rhodium Enterprises and mining pool Luxor Applied sciences, in accordance with the report.
  • “These are commitments for this yr and subsequent yr — so we can be including [mining] capability on a regular basis till the top of subsequent yr,” CEO Alex Mashinsky stated.
  • The funding was made to increase its bitcoin mining hash price and energy capability in North America, Mashinsky added.
  • Mashinsky stated Celsius now has an operational mining fleet of about 22,000 bitcoin ASIC miners, most of that are Bitmain’s latest era of AntMiner S19 collection, in accordance with the report.
  • Celsius will use the bitcoin it mines for its lending enterprise, the report added.
  • Final month, the lender had raised $400 million in fairness funding, in an effort to reassure regulators of its enterprise credibility. The spherical got here after Celsius obtained a number of notices from U.S. state regulators, in response to its lending merchandise.

Learn extra: Crypto Lender Celsius Network Raises $400M in Bid to Reassure Regulators

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