U.S. Bitcoin Corp. (USBTC) joins mining giants after acquiring assets from bankrupt lender Celsius, raising its computing power to 12.2 EH/s. This deal includes 121,800 mining machines, adding to USBTC’s existing 270,000 rigs. However, rapid expansion raises concerns of high energy consumption and environmental impact.
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Crypto Consortium Fahrenheit Acquires Celsius Network: Implications and Legal Battles in the Crypto World
The crypto consortium Fahrenheit acquires the insolvent lender Celsius Network, gaining ownership of its institutional loan portfolio, staked crypto assets, Bitcoin mining unit, and other crypto-related investments. Estimated liquid cryptocurrency received: $450-$500 million. Additionally, Bitpanda collaborates with Coinbase to offer digital assets to European clients, and Bitfinex invests in Chilean crypto firm Orionx, promoting financial freedom in Latin America.
Celsius Network Asset Auction: Pros, Cons, and the $2 Billion Bet on Crypto’s Future
Crypto lender Celsius Network has completed its asset transfer auction, with consortium Fahrenheit LLC emerging as the winner. Fahrenheit will provide capital, management expertise, and technology to establish a new company under a Chapter 11 plan. Celsius’ liquid crypto will be distributed among account holders, and the consortium will manage the new entity, owned by Celsius creditors.
Fahrenheit Vs Coinbase: Battle for Celsius’s $2 Billion Crypto Assets Heats Up
Fahrenheit consortium, including Arrington Capital and U.S. Bitcoin Corp, leads the bidding for bankrupt lender Celsius’s $2 billion in assets, including mining units and staked cryptocurrency. Coinbase is also reportedly involved, while Michael Arrington proposes a new company to manage assets and grow stakeholder value.