{"id":25319,"date":"2023-12-28T19:48:25","date_gmt":"2023-12-28T19:48:25","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/court-approves-celsius-networks-bitcoin-mining-plan\/"},"modified":"2023-12-28T19:48:25","modified_gmt":"2023-12-28T19:48:25","slug":"court-approves-celsius-networks-bitcoin-mining-plan","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/court-approves-celsius-networks-bitcoin-mining-plan\/","title":{"rendered":"Court approves Celsius Network&#8217;s Bitcoin mining plan"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/06\/1686163441703-2f4587dd-14cd-4692-83b3-06238e4388e9-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/06\/1686163441703-2f4587dd-14cd-4692-83b3-06238e4388e9-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/06\/1686163441703-2f4587dd-14cd-4692-83b3-06238e4388e9-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/06\/1686163441703-2f4587dd-14cd-4692-83b3-06238e4388e9-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li dir=\"ltr\">The US Bankruptcy Court for the Southern District of New York approved Celsius Network\u2019s restructuring plans for bitcoin mining on Wednesday.<\/li>\n<li dir=\"ltr\">Celsius filed for Chapter 11 bankruptcy protection in July 2022.<\/li>\n<\/ul>\n<p dir=\"ltr\">A US bankruptcy court has approved Celsius Network\u2019s bitcoin mining shift as part of the ongoing Chapter 11 bankruptcy proceedings the collapsed crypto lender filed in July 2022.<\/p>\n<p dir=\"ltr\">The approval order was given by Judge Martin Glenn of the US Bankruptcy Court for the Southern District of New York on December 27, Reuters <a href=\"https:\/\/www.reuters.com\/technology\/celsius-network-wins-court-approval-shift-bitcoin-mining-2023-12-28\/\" rel=\"noopener noreferrer\" target=\"_blank\">reported<\/a>.<\/p>\n<p dir=\"ltr\">Per the ruling, <a href=\"https:\/\/coinjournal.net\/news\/tag\/celsius\/\">Celsius<\/a> can go ahead with the restructuring plans that aims at focusing the company\u2019s operations on Bitcoin mining.\u00a0<\/p>\n<p dir=\"ltr\">The judge\u2019s order overruled objections to the restructuring plans, paving the way for the move as the crypto firm looks to navigate away from the impactful bankruptcy proceedings. As reported, \u00a0 US Bitcoin Corp <a href=\"https:\/\/coinjournal.net\/news\/us-bitcoin-corp-deal-with-celsius-network\/\">announced<\/a> in August that it had entered into agreed to host 8,500 miners for Celsius Network..\u00a0<\/p>\n<h2 dir=\"ltr\">Celsius customers allowed withdrawals<\/h2>\n<p dir=\"ltr\">With yesterday\u2019s court approval, a total of $225 million in crypto earmarked for a business operations rejected by the SEC, is now available for distribution to Celsius customers. Shares in the new mining company will also be available to customers.<\/p>\n<p dir=\"ltr\">Celsius began allowing withdrawals for some customers in late November. The plan allows eligible participants in the crypto lender\u2019s custody program to withdraw 72.5% of their crypto holdings, with a deadline set for February 28, 2024.<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><a href=\"https:\/\/coinjournal.net\/news\/celsius-network-granted-approval-to-pivot-to-bitcoin-mining\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News ) The US Bankruptcy Court for the Southern District of New York approved Celsius Network\u2019s restructuring plans for bitcoin mining on Wednesday. Celsius filed for Chapter 11 bankruptcy protection in July 2022. A US bankruptcy court has approved Celsius Network\u2019s bitcoin mining shift as [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":25320,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/25319"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=25319"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/25319\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/25320"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=25319"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=25319"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=25319"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}