The Celsius Network Bankruptcy The entire crypto market, including the mining sector, is out of balance.
on wednesday, Celsius Network Celsius Network [email protected] Lending and borrowing Follower: 0 View profile The mining sector that applied for creditor protection. According to Filing, the company’s mining has 80,850 rigs and 43,632 in operation. In addition, they expect to run about 120,000 rigs and create over 10,000 coins by 2023.
These numbers make the company one of the largest Bitcoin miners to use high-end computers to support transactions and earn rewards in terms of cryptocurrencies.
Are you selling Celsius mining?
According to market speculators, Celsius’ mining industry could be sold to allow companies to raise cash. Aside from bankruptcy-related issues, if a company throws away its rig, the company may face more issues.
Bankruptcy becomes apparent as the importance of mining rigs plummets with the sharp drop in Bitcoin rates. Miners find it difficult to fulfill takeover orders for months, with prices of some of the most important equipment models down by as much as 50% from the previous bull market.
In addition, Celsius Mining has begun construction at its center in Texas. This center can accommodate more than a quarter of a company’s rig. According to the petition, the company has hired a supplier to help with the construction, which should be completed within the next few weeks.
Moreover Declare bankruptcy In June, the company liquidated at least 7,000 rigs in a private bid. However, it is still unclear whether Celsius will sell the mining sector or continue operations after the restructuring. There is no explanation from the Celsius authorities yet.