Celsius Is Expanding Its Bitcoin Mining Business

Celsius Network is expanding its Bitcoin mining business after the recent mining investments.

According to the news in The Block, the company increased its investment to $ 500 million for Bitcoin mining in North America. Celsius Network has announced that it will use the BTCs it will generate from its mining operation for its lending service. The company has previously invested $200 million in mining companies such as Core Scientific, Rhodium Enterprises, and mining pool Luxor Technologies. With the recently announced $300 million investment move, Celsius Network will have invested a total of $500 million in Bitcoin mining this year. Celsius Network CEO Alex Mashinsky stated that the investment was made to expand Bitcoin mining hashrate and power capacity in North America. In addition, according to Mashinsky, the company will continue to make new investments until the end of the year. On the other hand, there are 22 thousand Antminer S19 series mining devices in total within the Celsius Network. Celsius Network increased its valuation to $3 billion last month, with an investment of $400 million led by WestCap.