Crypto lender Celsius defends bitcoin mining plans as bankruptcy kicks off

Cryptocurrency lender Celsius Network said bitcoin mining is key to the company’s restructuring efforts at a US bankruptcy court hearing recently in Manhattan.
New Jersey-based Celsius received approval from US Bankruptcy Judge Martin Glenn to spend $3.7 million in construction costs at a new bitcoin mining facility and $1.5 million on customs and duties on imported bitcoin mining rigs.
Patrick Nash, a lawyer for Celsius, told Glenn that bitcoin mining could provide a way for the company, which halted other business operations like its cryptocurrency lending, to repay customers, whose assets its froze in the weeks leading up to its bankruptcy filing.
“In a world where the crypto market rebounds, the mining business has the potential to be quite valuable,” Nash said.