RE: Celsius litigation8 Dec 2021 10:43
28jaczar01
Thank you for that extremely useful link!
“ Argo has entered into an equipment lease with Celsius Network for 4,500 Bitmain Antminer S19 and S19 pro miners for a term of 24 months. Celsius Network is an innovative and fast-growing cryptocurrency lending platform which currently has over US$1.8 billion worth of assets under management.
Argo's lease, which spreads the new equipment cost over 24 monthly lease payments, allows Argo to add capacity, upgrade its mining technology and achieve economies of scale while fully retiring the capitalized cost of the miners over the term of the lease. The mining machines are valued at over US$10m.”
I just took it in trust that the deal was fair, but this really backs that assumption up. Looks like ARB paid a fair amount for the machines, but importantly, got btc back.