Celsius

Bitcoin

Coin

<ul class="news-points"> 
 <li>The U.S. bankruptcy court has approved Celsius’ plan to transition its focus to Bitcoin mining.</li> 
 <li>Celsius will be led by U.S. Bitcoin Corp., parting ways with the originally selected bidders.</li> 
 <li>The approved bankruptcy plan frees up $225 million worth of crypto, benefiting customers.</li> 
</ul> 
The U.S. bankruptcy court has granted approval for cryptocurrency lender <a href="https://coinedition.com/tag/Celsius-cel/">Celsius’s Network</a> to pivot to Bitcoin mining, according to a Reuters report.&nbsp; 
A U.S. bankruptcy judge has <a href="https://www.reuters.com/technology/celsius-network-wins-court-approval-shift-bitcoin-mining-2023-12-28/" target="_blank" rel="nofollow">approved the request</a>, ruling that the company could deviate from the previously approved bankruptcy plan. The judge cited that the creditors and customers “were no worse off under the new restructuring.”&nbsp; 
According to the U.S. Bankruptcy Judge Martin Glenn in Manhattan, the bankruptcy plan, which was approved in November, contained enough flexibility to allow Celsius to switch to a backup plan. The switch was deemed reasonable after Celsius reached a “road block” with the U.S. Securities and Exchange Commission. 
Furthermore, in light of becoming a Bitcoin mining company, Celsius will no longer be associated with certain selected bidders for the new company. The responsibility of operating t…
The post <a href="https://coinedition.com/celsius-network-granted-approval-to-enter-bitcoin-mining-industry/">Celsius Network Granted Approval to Enter Bitcoin Mining Industry</a> appeared first on <a href="https://coinedition.com">Coin Edition</a>.

Celsius Network Granted Approval to Enter Bitcoin Mining Industry

Coin Edition

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