Court Allowed the Bankrupt Celsius to Mine and Sell Bitcoin

by in Cryptocurrency News

Celsius bitcoin mining

Crypto platform Celsius got approval from a U.S bankruptcy judge to mine and sell bitcoins. According to the court document, mining is one of the main operations of Celsius, which Debtor subsidiary Celsius Mining LLC is among the largest crypto mining firms in the US. The release also noted the company's previously announced plans to continue to expand its capacity of mining BTC and add its mining rigs.

Related: Celsius Mining files for IPO

With the court's permission, Celsius has the chance to stabilize its business and increase value for stakeholders. According to the publication, as of the Petition Date, Celisius mining owned 80,850 mining systems. 43,632 of them were operational, generating about 14.2 BTC a day.

According to the Declaration by Celsius CEO Alex Mashinsky, Celsius has continued its mining operations after filing for bankruptcy, however they paused monetizing the coins.

Celsius was one of the companies affected mostly by the crypto winter. In June, the platform stopped withdrawals, swaps, and transfers. A month later, the company filed petitions for Chapter 11 bankruptcy to restructure its operations revealing over a $1 bln debt.