Celsius mining announces the successful sale of $1.3M worth of mining equipment

Celsius Mining announces the successful sale of $1.3M worth of mining equipment

TL;DR Breakdown

  • Celsius mining announces the sale of $1.3 million worth of mining equipment.
  • Following conversations with “several brokers and market participants,” Celsius established that Touzi Capital submitted the most beneficial offer for the mining rigs.

As part of its bankruptcy proceedings, the mining arm of crypto lender Celsius Network has announced a sale worth $1.3 million for their mining equipment.

The United States Bankruptcy Court of the Southern District of New York’s latest filing disclosed that Celsius Mining will sell 2,687 MicroBT M30S ASIC rigs to Touzi Capital. However, the investment firm invested more than $1.3 million in these miners situated in Texas and specializes in blockchain investments alongside real estate.

Following conversations with “various brokers and marketplace players,” Celsius declared that Touzi had presented the finest proposal for the miners. In January, Core Scientific reported suspending more than 37,000 mining rigs owned by Celsius, which they previously hosted.

In July last year, Celsius filed for Chapter 11 bankruptcy and left a total of $4.7 billion in user deposits inaccessible on the platform. In December, the federal court demanded that Celsius deliver a restructuring plan by February 15th or face consequences.

As of December 2021, the United States has a dominant presence in Bitcoin’s hash rate at 37%, according to Cambridge Blockchain Electricity Consumption Index data. Nevertheless, mining profitability was significantly impacted when the crypto market crash happened in 2022, W and extreme weather occasions compelled facilities to decrease operations.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

Damilola Lawrence

Damilola Lawrence

Damilola is a crypto enthusiast, content writer, and journalist. When he is not writing, he spends most of his time reading and keeping tabs on exciting projects in the blockchain space.

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