Celsius

United

Bitcoin

April

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<p class="is-style-lead">Compared to the previous month, the number of bitcoin mining rigs that were operating as a part of the Celsius Network climbed by 18% in April. </p>



<p>As of April 30, 2023, the insolvent <a href="https://crypto.news/learn/how-to-invest-in-cryptocurrency/">cryptocurrency</a> lender controlled 53,000 active mining machines. The company achieved positive financial results from its mining activities as revenue hit a new level not seen in the previous six months. </p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Celsius?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Celsius</a> received $283m &#8211; $63m from loans &amp; investments, $74m selling mined <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Bitcoin</a>, $100m selling stables (Not good), $40m GK8 (Not good). Cost base $107m. They disclosed a need for restructuring cost of $120m (NewCo Reorg) &amp; capital expenditures of $52m (‘Im assuming for… <a href="https://t.co/ITk0WqZpcH" target="_blank">pic.twitter.com/ITk0WqZpcH</a></p>&mdash; Simon Dixon (@SimonDixonTwitt) <a href="https://twitter.com/SimonDixonTwitt/status/1658741644928196611?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">May 17, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<p>Celsius has published an update on its operations. These activities included financial accounting, <a href="https://crypto.news/price/bitcoin/">bitcoin</a> mining, and facilitating withdrawals for qualified clients.</p>



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<p>As part of a presentation for the hearing, due to take place on May 17, the most recent update was submitted to the United States Bankruptcy Court for the Southern District of New York. </p>



<p>According to the documents submitted to the court, Celsius&#8217; profits before interest, taxes, depreciation, and amortization (EBITDA) from mining climbed by 53% in April, reaching $1.4 million.</p>



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<iframe loading="lazy" title="CELSIUS NETWORK 😱 (LATEST BOMBSHELL UPDATES) Recovery, Mining, Retail Clawbacks, Court Updates, News" width="1020" height="574" src="https://www.youtube.com/embed/nvsFLoEoImU?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>
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<p>Compared to the previous month, March 2023, Celsius&#8217; total income from bitcoin mining activities reached $8.4 million in April. </p>



<p>This is a gain of 31% when compared to the previous month. The most recent income was Celsius&#8217; largest since October 2022. Since the beginning of 2023, there has been a 55% rise in the overall income from bitcoin mining.</p>



<p>The recent surge in bitcoin&#8217;s price led to an increase in the adjusted gross margin of the insolvent cryptocurrency lender from 20% to 26%. This represents an increase of 10% over the previous month. </p>



<p>The company&#8217;s average revenue per mined bitcoin reached $28,863, an increase of 16% over the previous year.</p>



<p>Simon Dixon, a creditor of Celsius, went to Twitter to provide his analysis of the company&#8217;s most recent bitcoin mining data and share it with his followers. </p>



<p>According to him, the uptime of mining rigs has to be enhanced above the current level of 68% by engaging qualified operators. He clarified that the increase in rigs deployed was only equivalent to half of the company&#8217;s total mining capability.</p>



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