Crypto Lender Celsius Confirms $ 54 Million Investment in Miner Core Scientific

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Cryptocurrency lender Celsius confirmed on Friday that it has invested $ 54 million in bitcoin miner Core Scientific.

The funding is part of Celsius’ planned $ 200 million investment in bitcoin mining in North America, according to the company. Celsius said the investment, which took place in the second quarter, will make it one of the largest U.S. investors in the bitcoin mining industry.

Celsius CEO Alex Mashinsky described the deal in an interview with CoinDesk as “good for our community.” He added: “They (Core) have a lot of strengths. It’s safer than just investing in a DeFi project.

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Core Scientific is the largest host of bitcoin mining machines in North America.

The announcement comes just two days after Core Scientific announced its intention to list its shares on the Nasdaq through a merger with Power & Digital Infrastructure Acquisition. The miner will be worth $ 4.3 billion.

In May, Michael Levitt, co-founder and chairman of Core Scientific, took over as CEO following the resignation of Kevin Turner.

Mashinsky views these developments positively, noting that the merger would allow Core “to raise even more money.”

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“Businesses are undergoing change all the time,” he said.

He also highlighted Core’s carbon neutral infrastructure. Mashinsky said that last month Celsius joined the Bitcoin Mining Council, the voluntary organization of miners and prominent members of the Bitcoin community concerned about the environmental impact of mining.

In the company statement, Mashinsky said Celsius was “looking forward to working together to develop our common business in the future.”

UPDATE (July 23, 20:36 UTC): Adds comments from Mashinsky and details about Celsius’ membership in the Bitcoin Mining Council.

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