Celsius Network Plans to Pay Back 22% of Customer Assets

The troubled crypto lender has revealed in its bankruptcy filing in a New York court that it will return some of its customers’ funds. Celsius Network told the court that it is working on paying back 22% of funds in custody belonging to 58,300 customers.

Celsius Network to Refund Customers

In a September 1 court hearing, the cryptocurrency lender revealed that it seeks legal authorization for Celsius Network debtors to enable customer withdrawals. Accordingly, the firm made the request for customers with assets in custody. 

According to the company’s legal counsel, the firm is not stating when it will bounce back from the slump. As a result, it is not looking to request the release of all the custody funds, which may lead to clawback requests.

Furthermore, Celsius’s attorneys claimed that the amount of money held in custody is between $200-$215 million. The company is taking measured steps to protect the funds in its custody.

Celsius adopted measures including coin swaps, stopping new loans and transfers, and halting the firm’s staking program.

Meanwhile, the bankruptcy filing reveals that Celsius owes users close to $4.3 billion. The revelation made many skeptical of how the crypto lender could up its liquidity volume and settle the remaining funds. 

Moreover, after careful analysis, the filings disclosed that debtors had identified some crypto tokens as not part of their initial assets.

Revenue Tips for Bitcoin Mining

It is no longer news that cryptocurrency mining is one of the most profitable ventures in the digital asset business. However, it is not just about anyone who can participate in the mining process and make cool cash from the activities. There are a few things one has to understand before making a move.

And for mining to be successful, each miner must contribute to a decentralized peer-to-peer system to make the payment network secure and trustworthy. 

Mining has evolved so much that pieces of equipment are becoming obsolete, and new ones have been invented to meet the changing ecosystem. 

Bitcoin miners benefit from the decentralization of crypto. The rapid changes in mining technology ensure that Bitcoin miners consider certain things to increase their income streams.

Bitcoin miners should consider the following factors to make mining profitable:

  • Computing tools
  • Cost of energy
  • Price of Bitcoin

These three factors heavily determine the outcome of mining activity. This is because miners cannot keep up with the requirements to make mining a success without the latest computing hardware. 

In addition, the energy cost is critical to miners’ continued gains. A slight change in the price of electricity can make a difference in profitability. More importantly, the price of Bitcoin is an integral calculator of miners’ profits. 

Miners receive some significant Bitcoin tokens for their operations. If the price of Bitcoin is low, the mining operation will also be unprofitable. Similarly, the mining operation will make huge profits if the Bitcoin price is $12,000 per coin.

The right mixture of the three elements makes Bitcoin mining an attractive venture for miners.