Celsius Mining Sells $1.3M Equipment

Within the framework of Celsius Network's current bankruptcy proceedings, the mining division of the firm has declared that it would be selling mining equipment with a total value of $1.3 million. This news comes as part of the company's announcement that it will be selling mining equipment.

Celsius said in a document that it will be selling 2,687 MicroBT M30S ASIC rigs to the investment firm Touzi Capital. This document was presented by Celsius on the 11th of January to the United States Bankruptcy Court for the Southern District of New York.

Touzi, a business that invests in real estate and blockchain technology, will fork up more than $1.3 million to Celsius Mining in order to acquire the miners that are located at a location in Texas. This transaction will take place in Texas.

Celsius believes that Touzi came up with the greatest arrangement for the miners after holding meetings with "several brokers and market participants."

In January, the finance business made the notification that Core Scientific had shut off more than 37,000 mining machines that Celsius owned and that the company had been hosting. These machines had been hosted by Core Scientific.

The petition for protection under Chapter 11 of the United States Bankruptcy Code was lodged by Celsius in July 2022. As a direct consequence of this action, about $4.7 billion in client deposits were placed on hold. A federal court issued an order back in December stating that Celsius had until the 15th of February to provide a restructuring plan. The ruling was made after the judge heard arguments in the case.

The United States of America is reportedly the country with the highest Bitcoin hash rate in the world as of December 2021, according to data derived from the Cambridge Bitcoin Electricity Consumption Index (Cambridge Bitcoin Electricity Consumption Index). This rate was more than 37%. This information was acquired from sources based in the United States.

The implosion of the cryptocurrency market in 2022 had a detrimental influence on the profitability of mining, as did the occurrence of adverse weather events that compelled facilities to cease operations. Both of these factors contributed to a decline in profitability.