In Brief:
- Celsius Network invested $300M for its bitcoin mining activities in North America.
- The $300M intends to increase Celsius’s bitcoin mining hash rate and power capacity in the continent.
- Celsius will become one of the prominent bitcoin mining firms in North America following the investment.
Celsius Network, the leading cryptocurrency lender, invested $300 million for its bitcoin mining activities in North America, according to a report from The Block.
This brings the total investment to $500 million adding the $200 million Celsius invested earlier this year in bitcoin mining firms like Core Scientific, Rhodium Enterprises, and mining pool Luxor Technologies.
According to CEO Alex Mashinsky, the investment is to increase the company’s bitcoin mining hash rate and power capacity in North America.
Mashinsky stated, “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.”
Mashinsky stated that Celsius now has an operational mining fleet of approximately 22,000 Bitcoin ASIC miners. The majority of which are Bitmain’s newest AntMiner S19 series.
Celsius intends to incorporate the bitcoin it mines into its existing lending business.
It earns interest by lending bitcoin to institutions and paying out bitcoin-denominated interest to deposit customers.
With this additional investment, the Celsius network is well on its way to becoming one of the most major Bitcoin mining companies in North America.
Just last month, Celsius Network raised $400 million in an equity funding round led by CDPQ and WestCap. The investment proceeds are to be utilized to expand the firm’s offering and products, with a focus on institutional-grade products.
