Celsius Provides Court with Withdrawal Update and Mining Business Growth
as report goes, Celsius said on Twitter: \”Today, Celsius provided the court with a brief update of our withdrawal process for some eligible users and our minin…
as report goes, Celsius said on Twitter: “Today, Celsius provided the court with a brief update of our withdrawal process for some eligible users and our mining business. Since the re-opening of withdrawals for some eligible escrow account users on March 2, Celsius has processed approximately $21.2 million of completed and pending withdrawals. Due to the rise in the price of Bitcoin, we have also increased the gross profit rate and increased the number of mining machines deployed since January. Today The court approved our motion to extend the franchise to the end of March. We will continue to work closely with all stakeholders and NovaWulf to complete the rest of our plan. “
Since March 2, Celsius has processed approximately $21.2 million of withdrawals from custody accounts
Analysis based on this information:
In a recent post on Twitter, Celsius announced that it has provided the court with an update on its withdrawal process for eligible users and its mining business. The company reported that it has processed approximately $21.2 million in completed and pending withdrawals since the re-opening of withdrawals for eligible escrow account users on March 2. Additionally, Celsius revealed that due to the increase in Bitcoin’s price, it has increased its gross profit rate and deployed more mining machines since January.
The court approved Celsius’ motion to extend the franchise until the end of March. The company aims to continue working closely with stakeholders and NovaWulf to complete the remainder of their plan. This update is significant for Celsius users as it indicates that the re-opening of withdrawals is progressing, giving users further access to their funds.
Celsius’ update also highlights the impact of Bitcoin’s price rise on its mining business. Due to the increase in gross profit rate and deployment of more mining machines, Celsius expects to continue benefiting from the price increase. Bitcoin’s recent price rally has also impacted the broader cryptocurrency market, with several altcoins seeing significant gains.
The approved motion of Celsius to extend the franchise indicates its continuous development amidst the current market trends. Growing the business can potentially add value to Celsius’ stakeholders including stakeholders and NovaWulf.
In conclusion, Celsius’ Twitter post provides an update on its withdrawal process and mining business. The company continues to work towards completing its plan with stakeholders and shows a growth rate in its mining business thanks to the rising price of Bitcoin. Celsius’ ability to extend the franchise until the end of March shows that the company is progressing, and the re-opening of withdrawals is a positive sign for eligible users.
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