Cryptocurrency loan provider Celsius Network has actually even more invested $300 million for its bitcoin mining operations in North America, taking the overall financial investment this year to $500 million, according to a report from The Block.
- The $300 million follows Celsius invested $200 million previously this year in bitcoin mining devices and equity of bitcoin mining companies Core Scientific, Rhodium Enterprises and mining swimming pool Luxor Technologies, according to the report.
- “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,” CEO Alex Mashinsky stated.
- The financial investment was made to broaden its bitcoin mining hash rate and power capability in North America, Mashinsky included.
- Mashinsky stated Celsius now has a functional mining fleet of about 22,000 bitcoin ASIC miners, the majority of which are Bitmain’s latest generation of AntMiner S19 series, according to the report.
- Celsius will utilize the bitcoin it mines for its financing service, the report included.
- Last month, the loan provider had actually raised $400 million in equity financing, in an effort to assure regulators of its service reliability. The round followed Celsius got several notifications from U.S. state regulators, in reaction to its financing items.
Read more: Crypto Lender Celsius Network Raises $400M in Bid to Reassure Regulators