Celsius Network will soon decide the fate of their mining farms

Celsius Network, going through the process of their bankruptcy, will have to determine the fate of mining farms in the near future. Recently it became known that they have 20,000 mining farms in stock, which were received back from Core Scientific. Previously, farms were disabled by fate and at the request of Core Scientific.

Celsius Network reports that they currently have several options on how to host 20,000 mining farms. According to them, if the company manages to come up with an interesting solution, it will help them in earning funds that will improve the position of Celsius. At the moment, the bitcoin mining division of the Celsius Network has 27,500 farms operating, which together mine 7-8 BTC daily.

The company has had trouble hosting its 20,000 farms as Core Scientific refuses to host them and provide hosting services to the cryptocurrency company. They cited Celsius' refusal to pay further as the reason, citing their bankruptcy process.

It is noteworthy that Core Scientific, like their former client, got involved in the bankruptcy process, but this happened later than in the case of Celsius Network, namely in December 2022. This circumstance may affect the ability to service debt securities issued by representatives of Core Scientific. It is noteworthy here that Celsius became one of the investors in such securities.

Today, BTC mining equipment is an excellent investment, which may rise in price in the future due to the rise in the price of bitcoin. The more the price of the flagship cryptocurrency rises and the fear in the market dissipates and greed increases, the more people will be interested in mining BTC. In addition, if now people who mine BTC do not sell bitcoin, but start collecting, then after a while they will be able to sell at a very attractive price and earn a good amount of funds.

BlockFi, embroiled in the history of the collapse of FTX, as well as other companies involved in mining, suffered from the fall of the American cryptocurrency exchange. Now, the bitcoin miner lending operator is looking to raise $160,000,000 in investments to improve its market position and strengthen the liquidity of its funds. BlockFi can offer 68,000 miners of the flagship cryptocurrency as collateral. Earlier it became known that BlockFi are experiencing serious financial problems and may go bankrupt.