In its search for diversified revenue streams and in the wake of the Chinese government crackdown on mining and Elon Musk's notorious tweet about Bitcoin's energy usage, Celsius has just invested over $200M in renewable Bitcoin North American mining. It has acquired mining equipment as well as invested in companies that produce mining software and mine. This should serve to make both bitcoin mining and Celsius' business model more sustainable.
"Celsius recognizes that Bitcoin, as the flagship cryptocurrency, still sets the course for the crypto industry at large. As such, we have considered it a company priority to help vitalize Bitcoin mining in North America through renewable resources," said Alex Mashinksy, CEO of Celsius. "We have invested in the companies that are leaders in this, and we are proud to be partners in this important endeavor."
Mashinsky cited China's dominant market share in bitcoin mining in the beginning of today's AMA (the stream did function somewhat in the beginning...). While 65% of bitcoin mining is done in China, only 5-10% is currently done in the US. This should help to lessen that deficit and make the market less dependent on the actions of the Chinese government (and make mining less centralized).
Celsius has invested in Core Scientific, Rhodium Enterprises, and Luxor Technologies, making it one of the largest investors in US bitcoin-mining. Core, at least, has explicitly committed to using 100% renewable energy (without implying anything about the other companies).
This comes right on the heels of Celsius' announcement of having over 100,000 BTC in AUM (Mashinsky said 107,000+ today), surely helped by its recent extension of the 6.2% rate internationally and the new promo codes. This all demonstrates Celsius' commitment to the future of Bitcoin and building a stable business model.
Income from mining will help Celsius maintain high yields when its revenue from loans decreases. Diversifying revenue streams, moreover, means greater stability and a more sustainable business model, and more renewable energy-fueled mining outside of China can only help Bitcoin's adoption and stability. It's a good day for Celsius and North American bitcoin-mining (outside of the failed stream...). Oh, to be in Miami right now...
Link to the conference in Miami (let's hope it works again...): https://www.youtube.com/watch?v=0dM_qDoWiD4
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Join Celsius for $40 in BTC: https://celsiusnetwork.app.link/142928a808
