Celsius Network Plans Selling Mining Hardware Worth $1.3M

  • Celsius said on January 11 that it will be selling 2,687 MicroBT M30S ASIC rigs.
  • The firm concluded that Touzi’s offer for the miners was the finest.

In light of its insolvency, cryptocurrency lender Celsius Network’s mining division has published a notice to sell off mining hardware valued at $1.3 million.

Celsius said on January 11 that it will be selling 2,687 MicroBT M30S ASIC rigs to investment company Touzi Capital in a petition with the United States Bankruptcy Court for the Southern District of New York. Touzi, a blockchain, and real estate investment firm, will pay more than $1.3 million to Celsius Mining for its Texas data center’s worth of miners.

Touzi’s Offer Best

After speaking with many brokers and market players, Celsius concluded that Touzi’s offer for the miners was the finest. In January, the financial institution said that Core Scientific had terminated hosting for more than 37,000 Celsius-owned mining equipment.

Reportedly $4.7 billion in customer deposits were left on the Celsius platform when the company filed for Chapter 11 bankruptcy in July 2022. A federal judge ruled in Celsius’ favor in December, giving the company until February 15 to submit a reorganization plan.

The United States has the highest Bitcoin hash rate in the world at over 37% as of December 2021, according to the Cambridge Bitcoin Electricity Consumption Index. But the mining industry has been hit hard by the 2022 crypto market meltdown and by harsh weather occurrences that have forced facilities to shut down.

Last week, a U.S. bankruptcy court decided that Celsius Network owns most of the cryptocurrency that consumers placed into its online platform. This means that most Celsius clients will be owed money once other creditors have been paid.

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