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

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

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

  • The $300 million comes after Celsius invested $200 million earlier this yr in bitcoin mining gear and fairness of bitcoin mining corporations Core Scientific, Rhodium Enterprises and mining pool Luxor Technologies, based on the report.
  • “These are commitments for this year and next year — so we will be adding [mining] capacity all the time until the end of next year,” CEO Alex Mashinsky mentioned.
  • The funding was made to increase its bitcoin mining hash fee and energy capability in North America, Mashinsky added.
  • Mashinsky mentioned 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, based on the report.
  • Celsius will use the bitcoin it mines for its lending enterprise, the report added.
  • Last 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.

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

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