As part of Celsius Network’s ongoing bankruptcy proceedings, the firm’s mining division has declared that it would sell mining equipment worth a total of $1.3 million. This news is part of the company’s announcement that it will sell mining equipment.

Celsius said in a document that it will sell 2,687 MicroBT M30S ASIC sets to investment firm Touzi Capital. This document was filed by Celsius on January 11 with the United States Bankruptcy Court for the Southern District of New York.

Touzi, a company that invests in real estate and blockchain technology, will provide more than $1.3 million to Celsius Mining to acquire the miners located in Texas. This transaction will take place in Texas.

Celsius believes that Touzi came up with the best deal for the miners after meeting with “various brokers and market participants.”

In January, the financial business reported that Core Scientific had shut down more than 37,000 Celsius-owned mining machines that the company had been hosting. These machines had been hosted by Core Scientific.

The application for protection under Chapter 11 of the United States Bankruptcy Code was filed by Celsius in July 2022. As a direct consequence of this action, around $4.7 billion in customer deposits were suspended. A federal court issued an order in December saying Celsius had until February 15 to submit a restructuring plan. The ruling was made after the judge heard arguments in the case.

The United States of America is reportedly the country with the highest Bitcoin hash rate in the world as of December 2021, according to data derived from the Cambridge Bitcoin Electricity Consumption Index (Bitcoin Electricity Consumption Index). of Cambridge Bitcoin). This rate was higher than 37%. This information was acquired from US-based sources.

The implosion of the cryptocurrency market in 2022 had a detrimental influence on mining profitability, as did the occurrence of adverse weather events that forced facilities to cease operations. Both factors contributed to a decline in profitability.