Celsius Mining Decided To Sell Nearly New 2,700 Bitcoin Mining Equipment For $1.3 Million

Key Points:

• In connection with its bankruptcy case, Celsius Mining, the mining division of cryptocurrency lender Celsius Network, has published a notice for the sale of mining equipment valued at $1.3 million.
• Touzi Capital will purchase 2,687 Bitcoin mining rigs from the company under a $1.34 million sales agreement.
• The mining company stated that general and corporate expenses would be covered by the sale profits of the rig.

In order to sell Touzi Capital nearly 2,700 Bitcoin mining equipment for $1.34 million, Celsius Mining entered into a sales agreement on January 7.

2,687 new-in-box MicroBT M30S mining rigs are being sold by the company, according to a notice of sale submitted to the Southern District of New York’s U.S. Bankruptcy Court on January 11.

The Houston, Texas-based MicroBT ASIC M30S mining rigs have a hashrate that ranges from 84TH/s to 92TH/s.

Touzi Capital, an investment firm, will be the purchaser and will pay for all shipping charges. The Cupertino, California-based small business Touzi makes investments in senior living properties, multifamily apartment buildings, and Bitcoin mining.

After speaking with a number of brokers and market participants, Celsius Mining claimed that it had come to the conclusion that Touzi Capital’s offer was the best. According to the filing:

“Debtors held discussions with several brokers and market participants. As a result of these discussions, the Debtors determined the price offered by Touzi Capital LLC was the best offer.”

The mining company stated that general and corporate expenses would be covered by the sale profits of the rig.

A Celsius creditor named Victor Ubierna de las Heras objected to the sale of mining rigs on the grounds that the debtors failed to disclose their plans for using the sale money. Before the sale may go through, De las Heras stated that the intended use of the profits must be made known.

In addition, he questioned whether the sale was in the best interests of the estate, given that the debtor had previously claimed Celsius Mining was profitable and cash-flow positive.

The decision to shut down all of Celsius’ computers was approved last week by Core Scientific, the company that hosts Celsius and recently filed for bankruptcy.

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Harold

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