{"id":53298,"date":"2021-11-22T15:40:59","date_gmt":"2021-11-22T13:40:59","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=53298"},"modified":"2025-09-03T14:30:04","modified_gmt":"2025-09-03T11:30:04","slug":"celsius-network-to-earmark-an-additional-300-million-for-bitcoin-mining","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/celsius-network-to-earmark-an-additional-300-million-for-bitcoin-mining\/","title":{"rendered":"Celsius Network to earmark an additional $300 million for Bitcoin mining"},"content":{"rendered":"

Celsius Network will allocate an additional $300 million, in addition to the previously announced $200 million, to Bitcoin mining in the United States. This was stated by the platform’s chief executive, Alex Mashinsky, in an interview with The Block<\/a>.<\/p>\n

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“We plan to continually increase the hash rate through the end of next year,”<\/em> he said.<\/p>\n<\/blockquote>\n

According to the executive, the pace of growth in the company’s computing power capacity is expected to slow in the coming months.<\/p>\n

In addition to purchasing mining equipment, Celsius Network is investing in Core Scientific, a US blockchain-hosting provider, the Texas-based Rhodium Enterprises, and the Luxor Technologies pool.<\/p>\n

According to Mashinsky, Celsius Network currently operates 22,000 ASIC devices, predominantly AntMiner S19 units from Bitmain. Earlier, the firm announced the latest S19XP with a hash rate of 140 TH\/s, announced<\/a> by the manufacturer in Dubai.<\/p>\n

Celsius Network intends to use the mined Bitcoin in its core business. As of early November, the company’s assets were valued at $28.6 billion.<\/p>\n

Mining as a direction drew the platform’s leadership’s interest in 2020. Since then the firm has provided loans to Core Scientific and Argo Blockchain.<\/p>\n

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“We serve miners who do not want to sell Bitcoin. We issue them a loan backed by the first cryptocurrency or hash power. The BTC mined by our partners becomes collateral for us,”<\/em> Mashinsky explained.<\/p>\n<\/blockquote>\n

In June, the crypto-lending platform announced an investment of more than $200 million<\/a> in Bitcoin mining in North America.<\/p>\n

In October, Celsius Network raised $400 million<\/a> at a $3 billion valuation after regulatory concerns.<\/p>\n

In November, the firm acquired<\/a> the GK8 startup, which specializes in custodial services, for $115 million.<\/p>\n

Subscribe to ForkLog’s channel on YouTube<\/a>! <\/p>\n","protected":false},"excerpt":{"rendered":"

Celsius Network will allocate an additional $300 million, in addition to the previously announced $200 million, to Bitcoin mining in the United States. This was stated by the platform’s chief executive, Alex Mashinsky, in an interview with The Block.<\/p>\n","protected":false},"author":1,"featured_media":53299,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1348,1137,26],"class_list":["post-53298","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-celsius-network","tag-cryptocurrency-mining","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"26","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/53298","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=53298"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/53298\/revisions"}],"predecessor-version":[{"id":53300,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/53298\/revisions\/53300"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/53299"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=53298"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=53298"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=53298"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}