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Celsius Network Time Sales Plans

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Celsius Network announced on January 11 that it will sell 2,687 MicroBT M30S ASIC rigs. The company concluded that Touzi’s offer for miners was the best. In light of its insolvency, the mining division of cryptocurrency lender Celsius Network has announced the sale of mining equipment worth $1.3 million.

Celsius announced that Jan. 11 that it will sell 2,687 MicroBT M30S ASIC rigs to investment firm Touzi Capital as part of a filing with the United States Bankruptcy Court for the Southern District of New York. Touzi, a blockchain and real estate company, will pay Celsius Mining more than $1.3 million for the benefits of miners in its Texas data center.

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Celsius Network: All the Best Touzi

After talking with many traders and sellers, Celsius concluded that Touzi’s offer for miners is the best. In January, the financial institution said that Core Scientific had stopped accepting more than 37,000 degrees Celsius of 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 upheld Celsius in December, giving the company until Feb. 15 to submit a restructuring 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 is hit hard by the 2022 crypto market crash and extreme weather that has forced the industry to shut down.

Last week, a bankruptcy court in the United States ruled that Celsius Network owns most of the cryptocurrency that consumers deposit on its online platform. This means that many Celsius customers will use the money once other creditors are paid.

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