- Celsius Network, a cryptocurrency financing platform, aims to spend $500 million in Bitcoin (BTC) mining. This $300 million investment comes on the heels of a $200 million investment made earlier this year by Celsius.
- Celsius aims to increase its Bitcoin mining investment by a factor of two. The corporation plans to invest another $300 million after investing $200 million earlier this year. This, according to Celsius CEO Alex Mashinsky, will help the business expand its hash rate and power capacity in North America.
According to a report from The Block, cryptocurrency lender Celsius Network has spent another $300 million in its bitcoin mining operations in North America, bringing the total financial commitment this year to $500 million.
Celsius previously spent $200 million in bitcoin mining equipment and shares in Core Scientific, Rhodium Enterprises, and mining pool Luxor Technologies.
“These are commitments for this year and next year,” CEO Alex Mashinsky said. “We will be adding [mining] capacity all the time until the end of next year.”
The $300 million investment by Celsius Network follows a $200 million investment by the business earlier this year in Bitcoin mining equipment and shares in Bitcoin mining companies Core Scientific, Rhodium Enterprises, and mining pool Luxor Technologies. Rhodium has filed for an initial public offering for a placeholder sum of $100 million, while Core Scientific is executing a merger transaction to go public.
Celsius will become one of the largest Bitcoin mining companies in North America due to this investment.
According to Mashinsky, Celsius currently has a mining fleet of roughly 22,000 bitcoin ASIC miners in operation, most of which are Bitmain’s newest AntMiner S19 series.
Celsius presently has a “mining fleet” of roughly 22,000 Bitcoin ASIC miners, the majority of which are the latest generation of the AntMiner S19 Bitmain series, according to Mashinsky. In addition, the corporation has also ordered Bitmain AntMiner S19XP, the most recent piece of equipment with a computational capability of 140 Tera Hashes per second (TH/s).
The fact that Celsius will employ the mined BTC as part of its current loan business adds to the appeal of the company’s approach. The company earns income by lending Bitcoin to institutional investors and paying the interest to deposit clients in BTC.