Celsius Commences Restructuring and Receives Permission for Bitcoin Mining Facility
The mining plan is one of the numerous initiatives that Celsius is doing to stabilise the firm.
Celsius Network has been granted permission to develop a new bitcoin mining plant as its attempts to reform the company’s finances take flight. The firm is embarking on a new path that will be constantly examined.
According to recently revealed papers, Celsius Network has made progress in implementing its financial restructuring objectives. One of the primary initiatives in this strategy is bitcoin mining, as the firm expects to spend $3.7 million on a new facility and an extra $1.5 million on customs and tariffs to import bitcoin mining machines. This endeavour has already been approved.
Celsius restructures and reevaluates
Celsius has a mining business in the United States already. It runs approximately 43,000 mining rigs today, and according to the paper, it wants to raise this number to 112,000 by the second quarter of 2023.
Between March 30 and July 14, Celsius’ assets decreased from $22.1 billion to $4.3 billion, with third-party liquidations totalling over $1 billion. It describes Celsius’s preemptive efforts to conserve and preserve assets, such as suspending consumer services.
Regarding the following stages, there are four major agenda items. The primary objective is to “Preserve value while negotiating a complete reorganisation deal with stakeholders.” The second refers to the bitcoin mining activities used to mine BTC, which will be utilised to finance more mining and increase its bitcoin holdings.
It is also investigating asset sales and investment options with other parties. Finally, it describes a notorious Chapter 11 plan that states,