The crypto news content discusses the identification of a new wallet, called Ionic Digital, which is believed to be linked to a mining operation associated with Celsius Network. Ionic Digital was created to operate the mining business of Celsius, which filed for bankruptcy in early 2024. Celsius still holds known wallets with over $11.8M in various tokens, including a significant amount of AVAX tokens. Ionic Digital is now tracking a mining entity that holds and operates Celsius' former mining business. The entity will issue common stock for bankruptcy compensation and has received small inflows of BTC as mining rewards. The mining operation has a significant number of ASIC units and aims to expand its power arrangements. Ionic Digital has disclosed relatively low costs to mine each Bitcoin and aims to achieve a sustainable operation. However, it may face challenges due to increasing mining competition and the profitability of the overall network.



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