Core Scientific Secures $54M Investment from Crypto Lender Celsius

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In Brief
  • Celsius' $54M investment in Core Scientific is part of a $200M commitment towards clean BTC mining in North America.

  • The multimillion-dollar commitment will position Celsius as one of the biggest U.S. investors in the BTC mining industry.

  • Core Scientific recently announced a $4.3B merger that will allow them to list as a publicly traded company on NASDAQ.

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The Trust Project is an international consortium of news organizations building standards of transparency.

The global crypto yield-earning platform Celsius Network is pressing ahead with a $200 million commitment towards clean bitcoin (BTC) mining. Part of which has involved a $54 million investment in Core Scientific, a leading figure in carbon-neutral mining.

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According to reports from July 23, Celsius’ overall commitment should place the company as one of the biggest investors in the BTC mining industry. Celsius first pledged $200 million worth of mining equipment to Core Scientific, as well as Rhodium Enterprises, a mining company based in Texas, and hash rate-based software company Luxor Technologies, back in June.

Alex Mashinsky, founder and CEO of Celsius, called companies like Core Scientific “exceptional.”

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He also referred to them as “setting the standard for energy efficiency in mining around the globe.”

On joining forces with them, the CEO commented, “We are thrilled to be investment partners and are excited to see the successes they’ve had this year, and looking forward to working together to grow our joint business in the future.”

This development is the latest in an eventful month for both parties. On July 21, Celsius announced it had joined the Bitcoin Mining Council (BMC). The organization, founded by MicroStrategy’s Michael Saylor, supports green BTC mining. It also promotes transparency and educate the public on the benefits of BTC. Furthermore, the BMC shares best practices, as a global forum of BTC mining companies and other businesses within the BTC industry.

Meanwhile, Core Scientific announced on the same day their intent to become a publicly traded company and list on NASDAQ. This comes by way of a $4.3 billion merger with Power & Digital Infrastructure Corporation (XPDI).

The States embrace BTC miners

Crackdowns on the BTC mining industry are continuing across the world. China extended its shutdown to the eastern Anhui province earlier this month. The country once accounted for the majority of the world’s mining hash rate.

In the meantime, the U.S. has become a top destination for displaced miners to resume their operations. Many have set up shop in Texas, appealing for both its cheap energy prices and pro-crypto government officials. 

A mining operation is also setting up in a 19th century hydroelectric power plant in Mechanicville, New York, as reported on July 9. Execs at Albany Engineering Corp., the company behind the operation, said they expect to make three times as much money by mining BTC than with selling the electricity to the National Grid.

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Dale Hurst is a journalist, presenter, and novelist. Before joining the Be In Crypto team, he was an editor and senior journalist at a news, lifestyle and human-interest magazine in the UK. Cryptocurrency was one of the first subjects he specialized in when first going freelance in 2018, reviewing exchanges and analysing lawsuits.

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