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

Square to Consider Building a Bitcoin Mining System

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Cryptocurrency lender Celsius Network has further invested $300 million for its bitcoin mining operations in North America, taking the total investment this year to $500 million, according to a report from The Block.

  • The $300 million comes after Celsius invested $200 million earlier this year in bitcoin mining equipment and equity of bitcoin mining firms Core Scientific, Rhodium Enterprises and mining pool Luxor Technologies, according to 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 said.
  • The investment was made to expand its bitcoin mining hash rate and power capacity in North America, Mashinsky added.
  • Mashinsky said Celsius now has an operational mining fleet of about 22,000 bitcoin ASIC miners, most of which are Bitmain’s newest generation of AntMiner S19 series, according to the report.
  • Celsius will use the bitcoin it mines for its lending business, the report added.
  • Last month, the lender had raised $400 million in equity funding, in an effort to reassure regulators of its business credibility. The round came after Celsius received multiple notices from U.S. state regulators, in response to its lending products.

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

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