Celsius

Stronger

Future

Foundry

Arkham

<ul>
 <li>Ionic Digital’s 1,962 BTC wallet, worth $114M, boosts Celsius’s recovery efforts amid bankruptcy restructuring.</li>  
 <li>Ionic Digital partners with Foundry USA to strengthen Bitcoin mining operations, targeting Texas expansion to 240 MW.</li>  
 <li>Shareholders raise concerns over Ionic Digital’s $20.4M management fees, pushing for better cost efficiency in future operations.</li> 
</ul>  
<p>Arkham Intelligence has identified a new Bitcoin mining wallet linked to Celsius Network, a development in <a href="https://cryptonewsland.com/customers-can-now-withdraw-funds-from-bankrupt-celsius/" target="_blank" rel="noopener noreferrer nofollow">Celsius's ongoing bankruptcy proceedings</a>. Maintaining and expanding the mining operations is the responsibility of Celsius's asset management company, Ionic Digital. Restricted shares in Ionic Digital have been awarded to Celsius creditors as part of the restructuring plan.</p>  
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<h3 class="wp-block-heading" id="h-strategic-partnerships-and-mining-rewards"><strong>Strategic Partnerships and Mining Rewards</strong></h3>  
<p>Besides running its inherited mining operations, Ionic Digital has <a href="https://foundrydigital.com/news-resources/page/9/?df_cpt" target="_blank" rel="noopener noreferrer nofollow">partnered</a> with Foundry USA, a leading Bitcoin mining pool. This partnership boosts its competitive edge, even though the current mining landscape is fiercely competitive. Ionic Digital’s wallet now holds approximately 1,962 BTC, estimated to be worth $114 million. Daily mining rewards range from 0.8 to 1 BTC.</p>  
<p>Moreover, Ionic Digital’s operations center in Texas benefits from a power supply of 87 megawatts, with plans to expand to 240 MW under the Cevardale project. However, concerns remain regarding the management costs associated with their partnership with Hut8, which currently amounts to $20.4 million. Shareholders have expressed dissatisfaction with these fees and might push for better cost management in the future.</p>  
<h3 class="wp-block-heading" id="h-efficiency-upgrades-and-future-challenges"><strong>Efficiency Upgrades and Future Challenges</strong></h3>  
<p>Furthermore, the transition to three-phase power for mining operations has been critical to optimizing mining efficiency. The wider adoption of 480v three-phase systems is particularly beneficial, reducing energy losses and improving overall performance. The lower electricity costs and increased power efficiency are likely to enhance Ionic Digital’s profitability moving forward.</p>  
<p>Additionally, <a href="https://cryptonewsland.com/block-inc-on-track-to-hit-10-billion-in-bitcoin-sale/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin mining’s growth</a>, driven by advancements in ASIC miners, has pushed energy demands higher. Ionic Digital’s continued focus on cost-effective mining and power infrastructure improvements is vital to its sustainability in this competitive sector. However, the future holds challenges, especially as the Bitcoin network’s profitability narrows with each halving event.</p>  
<p>Significantly, the establishment of Ionic Digital marks a milestone in Celsius’s <a href="https://www.reuters.com/technology/celsius-network-faces-roadblocks-pivot-bitcoin-mining-2023-11-30/" target="_blank" rel="noopener noreferrer nofollow">recovery</a> efforts. As the entity strengthens its mining capabilities, it positions itself for future growth despite volatile market conditions.</p> 
<p>The post <a href="https://cryptonewsland.com/celsius-networks-mining-arm-grows-stronger-with-1962-btc-wallet-amid-bankruptcy-battle/" rel="noopener noreferrer nofollow">Celsius Network’s Mining Arm Grows Stronger with 1,962 BTC Wallet Amid Bankruptcy Battle</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Celsius Network’s Mining Arm Grows Stronger with 1,962 BTC Wallet Amid Bankruptcy Battle

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