Celsius Network, a cryptocurrency lending service, has invested over $200 million in bitcoin (EXANTE: Bitcoin) mining in North America. According to a press release, the investment will scale Celsius' existing interests to make it one of the largest US investors in the Bitcoin mining industry.
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Celsius CEO, Alex Mashinksy, says that the company has decided to make it its priority to help "vitalize Bitcoin mining in North America through renewable resources."
"Celsius recognizes that Bitcoin, as the flagship cryptocurrency, still sets the course for the crypto industry at large," Mashinksy added.
Particularly, the company invested in Core Scientific, a software solutions provider for blockchain networks, Rhodium Enterprises, a mining company in Texas, and Luxor Technologies, a hashrate-focused software company. Celsius' investment comes after China's Inner Mongolia revealed a new regulatory draft to tighten crackdown on cryptocurrency mining.
The revealed draft proposes to ban both mining facilities that use fossil fuels and power stations. Internet companies which are engaged in mining cryptocurrencies will also face a raid by regulators. As iHodl earlier reported, the US-based cryptocurrency miners agreed to form the so-called Bitcoin Mining Council. The council's goal will be promotion of energy usage transparency & accelerate sustainability initiatives worldwide.
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