Celsius’ Crypto Mining Arm Sells Mining Machines Worth $1.3M

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The crypto mining division of the Celsius Network, Celsius Mining has put out a set of mining equipment for sale at a price of $1.3 million to the most worthy contender, Touzi Capital LLC, a private equity and venture capital company, that invests in tech startups.

Celsius Network filed a notice of sale of the mining machines with the United States Southern District Court of New York. The mining equipment is a set of brand-new MicroBT ASIC Rigs (2687 units), an M30S model with Hashrates ranging from 84-92 TH/s, and valued at a price of $1,342,747.

As per the sales agreement, Touzi Capital will be in charge of making all arrangements and making payments associated with the removal and shipping of the machines. In addition, the venture capital firm will take the responsibility of paying for liability insurance for losses incurred by Celsius during the removal and loading of the machines for shipment.

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Meanwhile, a crypto mining firm, Core Scientific has been reported to have shut down 37,000 mining rigs that are owned by Celsius. The two mining firms had an agreement to split energy bills, but Celsius began failing on its part of the deal after filing for Bankruptcy protection.

Fall in Bitcoin Mining Revenues

The decline in bitcoin miners’ revenue in the last two years can be attributed to a number of factors, including a drop in Bitcoin price, an increase in mining difficulty, and increased competition among miners. 

As the price of the cryptocurrency falls, it becomes less profitable for miners to continue operating, and some may decide to cease operations. Furthermore, as more miners join the network and competition grows, the difficulty of mining new bitcoins rises, potentially reducing individual miners’ earnings.

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In December, a report from TheCoinRise revealed that Bitcoin mining firms encumbered a huge debt of $4 billion after making massive loans in 2021 versus a bearish market in 2022. Bitcoin mining data analytics also highlighted that the top ten mining companies in the industry owe a total of $2.6 billion.

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