Celsius Mining

About Celsius Mining

Celsius Mining, the bitcoin mining subsidiary of Celsius Network, filed for bankruptcy alongside its parent in July 2022. Celsius had invested heavily in bitcoin mining equipment. The mining operation was intended to generate returns for Celsius lending customers. When Celsius Network froze withdrawals in June 2022, the mining operation continued but its output went to the bankruptcy estate. Celsius Mining had 22,000 mining rigs. The bankruptcy court approved the sale of mining rigs. The case illustrated how integrated crypto businesses could create conflicts when different parts of the business served different stakeholders. The mining assets were eventually sold to US Bitcoin Corp, which was later acquired by Hut 8.