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Bitcoin Miner Woes Risk Getting Worse After Celsius Collapse

  • Lender owns over 80,000 mining rigs, bankruptcy filing shows
  • Bitcoin mining was “an essential driver of growth” for Celsius
Texas Bitcoin Miners Seek Cheap Power, Land and a Place to Stay
Photographer: Jordan Vonderhaar/Bloomberg

An already beleaguered cryptocurrency mining sector could soon be facing some additional pressure from the Celsius Network bankruptcy filing. 

The troubled crypto lender’s mining subsidiary also filed for protection from creditors late Wednesday. Celsius Mining said in the filing that it owns 80,850 rigs -- with 43,632 in operation -- and expects to run about 120,000 rigs and generate more than 10,000 coins by the end of this year. That would make the unit one of the largest Bitcoin miners, which use energy-intensive computers to process records of transactions and earn rewards in the virtual currency.