Celsius Network could add to crypto mining struggles


Celsius Mining, troubled crypto firm Celsius Network’s mining arm, still has over 80,000 crypto mining rigs, according to the lender’s bankruptcy filings.

See related article: Celsius says it owes its users US$4.72B amid a US$1.19B balance sheet deficit

Fast facts

  • The bankruptcy filings reveal that Celsius Mining still has 80,850 rigs, with 43,632 rigs still in operation.
  • The firm had projections to run 120,000 machines to produce more than 10,000 Bitcoins by the end of 2022, prior to filing for Chapter 11 bankruptcy. 
  • Celsius Mining could add more downward pressure to tumbling mining rig prices, but the firm may also continue Bitcoin production to pay off its debt, CoinShares analyst Matthew Kimmel said, according to Bloomberg.
  • The price of the most efficient ASIC model has dropped to US$40/TH as of press time, compared to a high of US$106/TH in November last year, Luxor Mining’s data shows
  • The company sold 11,000 of its newly acquired crypto mining rigs at half the market price in an auction in June before filing for bankruptcy, CoinDesk reported.

See related article: Celsius files for bankruptcy after closing DeFi loans



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