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Celsius Sells Over $1.3 Million in Bitcoin (BTC) Mining Hardware

As Celsius announced last July containing part of its cryptocurrency mining business as part of its restructuring, we learn that Celsius Mining, its mining arm, will sell 2,700 of its machines. The sale contract, which exceeds 1.3 million dollars, was signed by the investment company Touzi Capital.

Celsius sells bitcoin mining machines

The prospect of a way out for Celsius seems to be diminishing. And for good reason, the mining branch of the bankrupt company will sell about 2,700 of its Bitcoin (BTC) mining machineswhich represents over $1.3 million.

A surprising move as Celsius announced last July direct its restructuring towards BTC mining under its protection under Chapter 11 of the United States. Nevertheless, the environment is currently deferred to cryptocurrency minersnot least because of the cost of energy, that Celsius was probably losing more money so far than it earned with this activity.

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The machines sold by Celsius are all M30S modelswith a hash rate variant of 84 to 92 TH/s and for a variant price of 476.28 to 521.64 dollars depending on their performance.

Excerpt from the document filed by Celsius

According to the January 11 document filed by Celsius with the U.S. Bankruptcy Court for the Southern District of New York, it is the company Touzi Capital which will acquire these mining machines. Touzi is a company that specializes in various fields, including real estate, but also invests in Bitcoin mining. It already owns several mining farms in the United States.

Still according to the document, it was Touzi who managed to make the most substantial offer to obtain this equipment. The company was chosen after Celsius was discussed with “several courtiers and market players”.

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Celsius’ financial situation

According to the document filed by Celsius, the proceeds of this sale will be intended for “general and business expenses”. An explanation with rather vague contours, which moreover earned a legal opposition from Víctor Ubierna de las Heras, a creditor of Celsius, who appealed to the relevant bankruptcy court :

“They say the intended use of proceeds from the sale is for ‘general and business expenses.’ It’s like not saying anything. Overhead and business expenses can mean everything and nothing at the same time. […] Will Celsius use the proceeds from the sale to repay its creditors? Will Celsius pay his rent with this amount? You can’t tell by reading the contents of the document. »

It’s a double jeopardy for Celsius, which recently saw itself forced to shut down 37,000 of its mining machines which were leased from Core Scientific, the company is no longer able to meet their operating costs.

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Source : Court document

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