Celsius’ Latest Bitcoin Mining Stats Show Signs Of Improvement

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Celsius’ Latest Bitcoin Mining Stats Show Signs Of Improvement

The Celsius Network has increased the number of Bitcoin mining rigs deployed by 18% in April as compared to the previous month. As of April 30, 2023, the bankrupt crypto lender had 53,000 mining rigs active. The firm reported optimistic numbers from its mining operations as revenue reached the highest in six months.

Celsius recently filed an update on its ongoing activities. These activities included facilitating withdrawals for eligible customers, bitcoin mining operations, and managing the company’s cash flow. The bankrupt crypto miner reported some positive developments on the bitcoin mining fronts, with an increase in revenue and margins.

The update was filed in the U.S. Bankruptcy Court for the Southern District of New York as part of a presentation for the hearing scheduled on Wednesday. According to the court filings, Celsius’ earnings before interest, taxes, depreciation, and amortization (EBITDA) from mining increased by 53% in April, reaching $1.4 million.

Celsius’ total revenue in April from bitcoin mining operations came in at a whopping $8.4 million, representing a 31% growth as compared to March 2023. The latest revenue was Celsius’ highest since October 2022. The total revenue from Bitcoin mining has increased by 55% since the beginning of 2023.

The recent hike in Bitcoin’s price increased the bankrupt crypto lender’s adjusted gross margin to 26%, marking an increase of 10% from the previous month. The firm’s average revenue per mined Bitcoin increased by 16% to $28,863.

#Celsius received $283m – $63m from loans & investments, $74m selling mined #Bitcoin, $100m selling stables (Not good), $40m GK8 (Not good). Cost base $107m. They disclosed a need for restructuring cost of $120m (NewCo Reorg) & capital expenditures of $52m (‘Im assuming for…

— Simon Dixon (@SimonDixonTwitt) May 17, 2023

Popular Celsius creditor Simon Dixon took to Twitter earlier today to share his take on the firm’s latest Bitcoin mining statistics. According to him, the 68% uptime of mining rigs needs to be improved by contracting competent operators. He further revealed that the increase in deployed rigs only represented half of the firm’s mining capacity.


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