Celsius Network to earmark an additional $300 million for Bitcoin mining

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.

“We plan to continually increase the hash rate through the end of next year,” he said.

According to the executive, the pace of growth in the company’s computing power capacity is expected to slow in the coming months.

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.

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 by the manufacturer in Dubai.

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.

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.

“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,” Mashinsky explained.

In June, the crypto-lending platform announced an investment of more than $200 million in Bitcoin mining in North America.

In October, Celsius Network raised $400 million at a $3 billion valuation after regulatory concerns.

In November, the firm acquired the GK8 startup, which specializes in custodial services, for $115 million.

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