Ionic Digital and Mining Operation Linked to Celsius Network

user avatar

by Giorgi Kostiuk

2 years ago

Made with AI

  1. Creation of Ionic Digital
  2. Asset Aggregation and Creditor Compensation
  3. Mining Operations and Prospects


    4. Arkham Intelligence identified a new wallet, indicating a mining operation linked to Celsius Network. This entity operates under the name Ionic Digital, managing assets of the now-bankrupt company.

    Creation of Ionic Digital

    Arkham Intelligence is tracking a mining entity holding and running the former mining business of Celsius Network. Celsius shut down its last mobile access in early 2024 after filing for Chapter 11 bankruptcy. From January onwards, Celsius started redistributing funds to its creditors.

    Asset Aggregation and Creditor Compensation

    Celsius Network still holds known wallets, now containing more than $11.8M in various tokens. Among the major AVAX token holders, the company is transferring assets for liquidator management. The new entity, known as Ionic Digital, will be used for compensation to Celsius creditors. Ionic Digital will also issue common stock at a par value of $0.00001 per share for bankruptcy settlements.

    Mining Operations and Prospects

    Ionic Digital continues to receive small BTC inflows throughout the day as mining rewards. One of the addresses was created in early February and is associated with Foundry USA, a leading pool discovering up to 35% of blocks. Mining operations are mainly concentrated in Texas, dependent on local conditions and electricity prices. The new entity plans expansion under the Cevardale project, potentially adding 240 MW of energy. Despite this, the company may still face challenges in maintaining sustainability amidst growing competition.

    Ionic Digital, inheritor of Celsius Network's mining business, continues its efforts towards sustainable operations amidst bankruptcy. It is crucial to monitor the company's future developments and new steps in resource management and asset control.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Strategy's Dual Approach: Bitcoin Acquisition and Preferred Share Repurchase

On November 9, Strategy announced the acquisition of 1,036 additional Bitcoin alongside the repurchase of approximately 188 million STRC preferred shares.

user avatarMaya Lundqvist

Bitcoin Slips Toward $74,000 After Fed Governor Signals December Rate Hike

Bitcoin's value has dropped significantly, approaching the $74,000 level, as Federal Reserve Governor Christopher Waller voiced clear support for raising interest rates at the upcoming December FOMC meeting.

user avatarLeo van der Veen

MARA Reports Significant Bitcoin Sales and Loan Repayment

MARA disclosed significant Bitcoin sales and loan repayment, marking a strategic shift from holding to monetizing reserves.

user avatarLi Weicheng

US Spot Ether ETFs Face Major Withdrawals on November 9

On November 9, US spot Ether ETFs experienced significant net withdrawals totaling $1.846 billion, primarily driven by BlackRock's ETHA, reflecting ongoing investor concerns about market conditions.

user avatarAisha Farooq

Crypto Firms Rally Behind CFTC in Perpetual Futures Legal Battle

Coinbase, Kalshi, and four other companies filed an amicus brief supporting the CFTC's authority to regulate perpetual futures tied to US stocks amid a significant lawsuit.

user avatarBayarjavkhlan Ganbaatar

CMAA Challenges CFTC's Authority Over Perpetual Futures

The Capital Markets Alliance Association (CMAA) has filed a lawsuit against the Commodity Futures Trading Commission (CFTC), claiming that perpetual futures should be classified as security-based swaps, which would impose stricter regulations.

user avatarTenzin Dorje

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.