Celsius, the largest yield-earning platform, continued its quest to become the largest Bitcoin company in the US by investing $200 million to scale up its bitcoin mining operations in North America.
It has invested in Core Scientific, a company that customises hardware and software for blockchain networks, Rohium Enterprises, a mining company in Texas, and Luxor Technologies. Celsius hopes that these investments would help it to grow even further with its focus firmly on bitcoin at this point in time.
“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.”
It is clear that the company believes that Bitcoin is going to be the future of finance and that is why we have been seeing the company invest a lot in BTC. Recently, it announced that it holds over 100,000 BTC in its client accounts and this number has been growing even when the price of BTC has been falling over the last month or so. This shows the resilience of BTC prices and the company hopes that this would continue in the future as well.
Nathan Nichols, CEO of Rhodium, commented, “We are pleased to conclude an investment by Celsius in Rhodium Enterprises, one of the most efficient operators for Bitcoin mining in the world. Rhodium is thrilled to partner with Celsius and looks forward to growing our businesses together.”
Celsius is a yield earning platform as it hopes to enable thousands of its customers to become financially independent by investing in crypto and earning yields and interest from it. The company hopes that by giving an interest more than what the traditional banks offer, it would be able to woo more and more people away from the banks and its legacy systems and also push them from fiat into crypto. Though this may seem a good way to approach this, the fact that the crypto market and the BTC prices continue to be so volatile is something that the larger investors continue to frown upon. Unless this notion is quashed in the future, we might continue to see major investors staying away from such platforms. The sooner the crypto world and such related platforms recognise this and bring in products to overcome this, the better it would be for the market.