Celsius Ditches Staking Fees for Bitcoin Mining Amid Regulatory Scrutiny

Celsius Network has shifted its focus to Bitcoin mining after emerging from bankruptcy. The company had initially planned to generate income through 'staking' fees, but this was met with regulatory concerns from U.S. authorities.

The revised plan, approved by a U.S. bankruptcy court in Manhattan on November 9, allowed Celsius to return cryptocurrency to its customers and establish a new company owned by Celsius creditors.

This strategic shift has led to further negotiations with Fahrenheit, a consortium of bidders chosen to oversee the reorganized company.