Here’s How The Celsius Bankruptcy Has Impacted Bitcoin Mining

Here’s How The Celsius Bankruptcy Has Impacted Bitcoin Mining

bitcoin mining and celsius network

The post Here’s How The Celsius Bankruptcy Has Impacted Bitcoin Mining appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

The Celsius network’s bankruptcy has imbalanced the whole crypto market, including the mining sector.

On Wednesday, Celsius’s mining sector filed for creditor protection. As per the filing, the company’s mining has 80,850 rigs, where 43,632 are operational. Further, they expect to run about 120,000 rigs and create more than 10,000 coins before 2023.

These figures will make the company one of the largest Bitcoin miners using high-end computers to assist the transactions and gain rewards in terms of cryptocurrencies.

Celsius Mining On Sale?

As per market speculators, Celsius mining might be sold so the company could raise cash. Apart from the issues connected with bankruptcy, if the company dumps its rigs, the firm is likely to be in more trouble.

The insolvency emerges as the significance of mining rigs plummets alongside a steep fall in Bitcoin rates. From the previous bull market, the prices of a few of the most significant equipment models have dropped by as high as 50%, and miners are finding it challenging to fulfill the acquisition orders for many months.

Additionally, Celsius Mining has begun construction on a center in Texas that could house more than a quarter of the firm’s rigs. Per the petition, the firm hired suppliers to help with the construction, which should be finished within the next few weeks.

Upon declaring bankruptcy in June, the firm liquidated at least 7,000 rigs in private bidding. However, whether Celsius would sell or keep operating its mining division after the restructure is still unknown. There is no clarification yet from the Celsius officials.

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