Cryptocurrencies Rally

Celsius Invests $54 Million in Bitcoin Mining Company Core Scientific

Celsius, one of the largest yield earning platforms in the world, has announced that it has invested $54 million in Carbon-Neutral Bitcoin Mining company Core Scientific. This continues its quest to make bitcoin mining more and more carbon neutral in the coming years.

It also positions Celsius as one of the largest mining and investment companies in the Bitcoin mining industry in the US. Core had also announced its intentions to go public recently and this large-scale investment in the company from Celsius should be a boost ahead of these plans.

“Exceptional companies like Core Scientific are leading the industry in carbon-neutral mining, setting the standard for energy efficiency in mining around the globe”, said Alex Mashinsky, CEO of Celsius. “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.”

We had reported a few weeks earlier that Celsius was looking to invest $200 million in the bitcoin mining industry in the US and this investment seems to be part of those plans. The company has been growing and investing aggressively both as a yield-earning platform as well as an investor in the bitcoin mining industry.

This seems to be an interesting approach taken by the company as far as its business models go as these 2 business cases are quite different and independent of each other. It remains to be seen whether somewhere down the line, it plans to bring in the bitcoin mining investments into its yield earning platform and tie them up in some way or whether it continues to run both as separate businesses. As a yield earning platform, it wants to help its users towards financial freedom and it has been adding many cryptos to the platform for the users to invest in and grow their investments as well.

But te=he bitcoin investments seem to be a totally different business case for the company which brings into question whether they have their business a bit muddled or whether they are clear with their focus. Bitcoin mining has long been criticized for its adverse effects on the environment and the efforts to make it carbon-neutral, though difficult and likely to take a long time, are indeed a step in the right direction and need to be welcomed.