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The largest CeFi platform Celsius, the financial hole in the budget of which was one of the reasons for the current DeFi crisis, offered creditors an unusual way to repay debts. The company has filed for bankruptcy and is in the process of restructuring its business to cover a $1.19 billion balance sheet shortfall.
Celsius Network owns mining farms and has already sold 6,000 ASIC miners to cover debts.
According to insiders, another 5,000 equipment is put up for auction, which goes at a very low price – $ 22 / TH, with prices at the beginning of the year above $ 60 for each TH. Apparently, Celsius decided to abandon such an unprofitable transaction, hoping to interest lenders in mining.
Most of the company’s debt falls on the “army” of 1.7 million users, whose accounts are not so large. Celsius offers them to agree to compensation in BTC, which will be mined during 2023.
According to representatives of the firm, they will be able to mine 15,000 Bitcoin, which will be only $ 300 million.
The offer may be of interest to lenders who may recall the case of Mt.Gox. The Japanese cryptocurrency exchange has become the first hacked platform in history and the first crypto bankrupt. While the trial and proceedings were going on, the BTC rate grew so much that it not only covered the losses of users, but also brought huge profits.
Perhaps Celsius lenders will accept the offer, subject to fixing the rate. At its current values, BTC goes to them at cost, if we compare its production on old models of ASIC-miners. The crypto winter lasts ten months and it is possible that Bitcoin will soon return to growth. The longest period of decline was 411 days.
#Celsius #offers #lenders #miners
