Celsius Adds $300M to its Bitcoin Mining Investment in an Expansion Plan

Bitcoin Mining Investment

Celsius financial technology firm has added up its bitcoin mining investment by $300 million, bringing it to $500 million.

The firm’s boss Alex Mashinsky says that the funds are aimed at increasing the hash rate and capacity building as part of an expansion plan until the end of 2022.

Mashinsky says that Celsius currently owns 22,000 BTC ASIC miners and had orders for the Antminer S19XP version.

Celsius made a similar investment of $200 million early in the year. The firm also acquired a shareholding in Rhodium Enterprises, Core scientific, and Luxor technologies. 

Celcius uses mined bitcoin to lend to businesses and pay interest on deposits. It also lends against the hash power of mining machines owned by firms in Europe and North America only.

Celsius currently has an asset base of $28.6 billion and lends to retail clients against their bitcoin holding.

Source: The Block

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