Digital currency lender Celsius will invest $300 million in bitcoin mining

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As per CEO Alex Mashinsky’s claims, Celsius Network has increased its investment in Bitcoin mining.

Celsius has made a $500 million investment in mining

On Monday, Mashinsky told The Block that his business had spent $300 million in Bitcoin mining facilities in North America.

These are promises for this year and next year, Mashinsky stated with the cryptocurrency news site.  He added that they would be expanding [mining] capacity all the time.

Celsius spent $200 million in mining equipment and mining business stock earlier this year. This takes Celsius’ total mining investment to $500 million, excluding loans and equipment leases offered to mining companies in 2020.

Celsius presently possesses around 22,000 ASIC miners, the majority of which are Bitmain’s AntMiner S19 devices. It has also placed an order for Bitmain’s AntMiner S19XP, which will be released soon.

Bitcoin mining is becoming more popular in the United States

The announcement of Celsius’ crypto investments comes when the Bitcoin mining business is shifting to the United States. In September, many eastern mining businesses were forced to suspend their efforts as China imposed a broad cryptocurrency prohibition, allowing US-based firms to seize the lead.

Celsius is one of a slew of non-mining firms that have taken notice of this trend. For example, square, the payments business founded by Jack Dorsey, is working on a Bitcoin mining technology. In the meantime, Michael Saylor, the CEO of MicroStrategy, is the chairman of the Bitcoin Mining Council, which focuses on using sustainable energy in mining.

Celsius is a crypto lending business that offers cash loans and generates interest. Celsius will finance its current services using Bitcoin it generates via mining.

Since its inception in 2018, Celsius has expanded substantially. It raised $400 million in fundraising last month, boosting its total worth to $3.25 billion. On behalf of its clients, the firm manages around $28.6 billion in assets.

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