The slow sinking of Celsius had been particularly talked about within the crypto community. After its declaration of bankruptcy, the company restructures itself and tries to find new paths. One of them will be Bitcoin mining, according to the latest announced decision.
After bankruptcy, Celsius embarks on Bitcoin mining
As a reminder, the crypto-lending company voluntarily filed for bankruptcy last week: this means that its “restructuring” will be subject to the approval of a judge, in an attempt to save the ship. And we learned this week that Celsius intends to embark on Bitcoin mining to straighten out his economic model.
This is in any case what emerges from a request made to Judge Martin Glenn, responsible for the reorganization of the company. The latter approved an expenditure of 3.7 million dollars, to build a Bitcoin mining infrastructure. In addition, $1.5 million will be spent on importing mining equipment.
The company hopes that this new initiative will allow it to stay afloat and satisfy its aggrieved customers who have been hit hard by the collapse of the project. Celsius’s new team of lawyers confirmed to the judge that mining had great potential… As long as prices rose:
«In a world where crypto markets are rebounding, the mining industry has the potential to increase in value.»
A risky bet, therefore, but that in the long run can pay off for the company.
👉 Learn more about how Celsius Network works
Discover Only Mining
Other ongoing initiatives
However, Celsius’s plans don’t end there. The company also intends to sell part of its assetsand investing in third-party investment opportunities. As for injured clients, they will have several options:
«[Celsius] will give customers the option to pick up their cash at a discount or continue to “leave” in crypto.»
In any case, the road will be long for Celsius. Each decision will be subject to the approval of the judge in charge of the company, and the slightest of your movements will be observed. Therefore, we will closely follow this revival attempt, which will be of great importance for the ecosystem as a whole.
👉 To go further – Analysis: Celsius Network, what mistakes led to its downfall?
Font : Reuters
published by editions Larousse
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