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The downturn in the price of Bitcoin over the last 8 months–effectively falling 70% since November 2021’s all time high–and $2 trillion value wipe off, is now hitting the Bitcoin mining space.
Celsius Network, known for its high yield interest rate accounts, announced Chapter 11 bankruptcy protection for not only itself, but also its mining subsidiary. The firm listed some 80,000 ASICs on its balance sheet, and has reportedly begun selling units at auction
for discount.
Where and how these machines are sold will have a great impact on not only the price of ASIC miners, but also ASIC-backed loans and operational valuations.
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