Celsius posts positive results as Bitcoin market stabilizes
Compared to the previous month, the number of bitcoin mining rigs that were operating as a part of the Celsius Network climbed by 18% in April.
As of April 30, 2023, the insolvent cryptocurrency lender controlled 53,000 active mining machines. The company achieved positive financial results from its mining activities as revenue hit a new level not seen in the previous six months.
Celsius has published an update on its operations. These activities included financial accounting, bitcoin mining, and facilitating withdrawals for qualified clients.
As part of a presentation for the hearing, due to take place on May 17, the most recent update was submitted to the United States Bankruptcy Court for the Southern District of New York.
According to the documents submitted to the court, Celsius’ profits before interest, taxes, depreciation, and amortization (EBITDA) from mining climbed by 53% in April, reaching $1.4 million.
Compared to the previous month, March 2023, Celsius’ total income from bitcoin mining activities reached $8.4 million in April.
This is a gain of 31% when compared to the previous month. The most recent income was Celsius’ largest since October 2022. Since the beginning of 2023, there has been a 55% rise in the overall income from bitcoin mining.
The recent surge in bitcoin’s price led to an increase in the adjusted gross margin of the insolvent cryptocurrency lender from 20% to 26%. This represents an increase of 10% over the previous month.
The company’s average revenue per mined bitcoin reached $28,863, an increase of 16% over the previous year.
Simon Dixon, a creditor of Celsius, went to Twitter to provide his analysis of the company’s most recent bitcoin mining data and share it with his followers.
According to him, the uptime of mining rigs has to be enhanced above the current level of 68% by engaging qualified operators. He clarified that the increase in rigs deployed was only equivalent to half of the company’s total mining capability.