Celsius Network Plans To Expand Bitcoin Mining As Part Of Restructuring
Celsius Network has obtained permission to build a new Bitcoin (BTC) mining facility as part of its plans to hopefully rebuild and financially restructure the company. After the recent bankruptcy debacle, Celsius will now embark on a new adventure that will be closely monitored by nearly all retail and institutional parties.
As part of the main strategies outlined in the companys recovery plan, Celsius intends to spend $3.7 million on a new mining facility and an additional $1.5 million on duties and customs in order to import BTC mining rigs, for which it has already received approval.
It is worth mentioning that Celsius already operates such a mining facility within the U.S. In fact, the company presently has more than 43,000 mining rigs, a number which Celsius wants to increase to 112,000 by 2023s second quarter.
Overall, despite the recent controversy surrounding the company, Celsius is confident that it made the right decision to file for chapter 11 bankruptcy as it believes that this will protect customers and their funds in the long run. The restructuring will thus play an instrumental role in this, according to the companys representatives.
Nevertheless, a vast majority of the crypto community still remains hostile towards Celsius and the lawsuits continue to pile up, which also reportedly include a class-action lawsuit and, more alarmingly, one from a former Celsius employee.
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