Ionic Digital Acquires Celsius's Bitcoin Mining Assets

Bitcoin mining engine. (Photo; Doc. MiningColocation)

JAKARTA - Ionic Digital, a company engaged in Bitcoin mining and high-performance computing infrastructure provider, is making important decisions by acquiring all of Celsius's mining assets, a crypto loan-giving company that goes bankrupt in 2022. With this effort, Ionic Digital is ambitious to become one of North America's leading Bitcoin miners and plans to take the floor on the stock exchange.

Celsius, which used to offer low-interest crypto loan services, went bankrupt after stumbling into fraud cases and lawsuits from its customers. However, its Bitcoin mining business still has value and potential. Therefore, Celsius sold all of its mining assets to Ionic Digital, which has a vision to become a leader in the Bitcoin mining industry.

Ionic Digital plans to re-operate Celsius's mining assets, consisting of about 127,000 Bitcoin mining machines and infrastructure for its own mining capacity of 87 megawatts (MW) in four different locations, as well as 142 MW hosted mining capacity on third-party sites. In addition, Ionic Digital also acquired Celsius's Cedarvale site, which is in the development stage and is targeted to support 240 MW capacity.

By acquiring all of Celsius's mining assets, Ionic Digital is optimistic that it can achieve its target of having a total mining power of 12.7 exahash per second (EH/s) by the end of this year. Currently, Ionic Digital is mining Bitcoin at 6 EH/s.

"Our team is ready to face increasingly fierce competition in mining, using strong financial flexibility and support as our advantage," read Ionic Digital's official statement.

To support its expansion plan, Ionic Digital has submitted Form 10 to the US Securities and Exchange Commission (SEC), as a first step towards going to the stock exchange. This follows an agreement with creditors Celsius, which is the shareholder of Ionic Digital as part of debt settlement.

Ionic Digital isn't the only Bitcoin mining company planning to take the floor on the stock exchange. Several other Bitcoin miners, such as Swan Bitcoin, have also announced their intention to take the floor in the near future. Most likely, more miners will follow in their footsteps and apply to the SEC.