The post Celsius Network’s Pivot to Bitcoin Mining Plan Approved By Court appeared on BitcoinEthereumNews.com.

December 28, 2023, became a big day for Celsius Network, as the court approved Network’s shift to Bitcoin mining. Martin Glenn, the US bankruptcy judge found the Celsius network enough capable to make a shift to the backup plan, that is Bitcoin mining.    The Backup Plan  According to Reuters, the US bankruptcy judge has permitted the bankrupt crypto lending platform, assuming customers and creditors were no worse off with the backup plan. As an opportunity to deviate from bankruptcy, Martine Glenn thinks that the network is enough flexible to handle the Bitcoin mining plan.  “After hitting a roadblock with the US SEC, the platform is all prepared to go for Bitcoin mining”, Martin said.  In July 2022, the network applied for Chapter 11 protection to initiate a new line of business. Filing was done by the network one month after ceasing the customer’s accounts to prevent withdrawal.  The platform had around 600K customers holding around $4.4 Billion when it went bankrupt. As per the new plan, Celsius decided to return over $2 Billion in crypto to account holders.  In November 2023, the bankruptcy plan was approved, allowing the network to make a plan that would return cryptocurrency to the clients and develop a new company.    Now approved, the network is expected to part tracks with a few of the bidders chosen to manage the new platform. US Bitcoin Squarely will be going to run the new mining business. Around $225 Million in crypto would have been utilized to fund the new business.   US Bitcoin Squarely, the new manager of the Celsius mining business, was founded by Hut 8’s Asher Genoot. In addition to this, the mining business will also include other companies like Arrington Capital to involve bidders. The group in the combine was collectively called “Fahrenheit”.   Celsius’s Future Expectations  …

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Filed under: News - @ December 29, 2023 8:12 pm