Cryptocurrency lender Celsius Network has invested another $300 million in Bitcoin mining operations in North America, The Block reported.
With its latest investment, Celsius Network has increased its Bitcoin mining investment this year to a total of 500 million dollars.
Celsius CEO Alex Mashinsky went on to say in an interview with The Block that the investment was made to expand Bitcoin mining hashrate and power capacity in North America:
“These investments are commitments for this year and next year. For this reason, we will always continue to add mining capacity and make investments until the end of next year.”
Mashinsky, the CEO of the company, added that it has a mining fleet of around 22,000 Bitcoin ASIC miners, most of which are Bitmain’s newest series, the AntMiner S19 series.
Celsius company is increasing Bitcoin mining investments by taking advantage of miners who left China and settled in North America after the Chinese government’s pressure and bans on Bitcoin miners.
Celsius, which entered Bitcoin mining in 2020, will use the Bitcoin obtained through mining as part of its lending business.
*Not investment advice.