Celsius Mining entered right into a Jan. 7 gross sales settlement to promote 2,687 Bitcoin mining rigs for $1.34 million to Touzi Capital , in keeping with a Jan. 11 court docket submitting.
The mining rigs are “MicroBT ASIC M30S” situated in Houston, Texas, with a hashrate ranginf between 84TH/s to 92TH/s.
Celsius Mining stated it held discussions with a number of brokers and market members and decided that Touzi Capital’s provide was one of the best.
The mining agency stated the proceeds from the rig’s gross sales could be used for common and company bills.
In the meantime, the gross sales are nonetheless topic to the De Minimis asset sale order.
Creditor objects to gross sales
In the meantime, a Celsius creditor, Víctor Ubierna de las Heras, objected to the sale of mining rigs on the idea that the debtors didn’t specify how they’ll use the proceeds from the gross sales.
“They are saying that the supposed use of the sale proceeds is ‘Basic and company bills.’ That’s like saying nothing. Basic and company bills can imply all the things and nothing on the similar time.”
De las Heras added that the supposed use of the proceeds must be clearly outlined earlier than the sale can proceed.
He additionally questioned whether or not the sale was within the property’s greatest curiosity contemplating the debtor beforehand stated Celsius Mining was cash-flow optimistic and producing revenue.
“If Celsius Mining is cash-flow optimistic, how can promoting these M30S be in one of the best curiosity of the property? Moreover, if Celsius Mining goes to play an enormous position in any reorg, how can promoting these new M30S be in one of the best curiosity of the property?”
The creditor highlighted that Celsius additionally wished to promote the mining machines at a 73% low cost, which is inconsistent with the belongings’ honest market worth.