Celsius Network stated that bitcoin mining is the key to the cryptocurrency lender's restructuring efforts as it received approval from a U.S. bankruptcy judge to spend $3.7 million in construction costs at a new bitcoin mining facility.
The crypto lender's lawyer for the hearing, Patrick Nash, made a statement to Glenn saying that bitcoin mining could provide a gateway to repay customers whose assets were frozen prior to the firm's bankruptcy filing.
"In a world where the crypto market rebounds, the mining business has the potential to be quite valuable," Nash said.
In its efforts to tackle bankruptcy and repay customers, Celsius also said - via a slide presentation posted on the firm's bankruptcy website - that options might be provided "at the customers’ election, to recover either cash at a discount or remain ‘long’ crypto."
The option to repay customers with less than they are owed in cash or ask them to remain as long-term crypto holders may sit in the hands of the crypto...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...