Key Highlights
- Ionic Digital, a company formed from the acquisition of the mining assets of the bankrupt Celsius Network, has announced the appointment of Andy Stewart as new Chief Executive Officer (CEO).
- On appointment, Andy Stewart revealed his plans for digital platforms to leverage Bitcoin mining as a complementary monetization tool.
- Ionic Digital holds major Bitcoin mining infrastructure, from which it generates revenue of $138.4 million
Ionic Digital, a digital infrastructure company, revealed the hiring of Andy Stewart as the new Chief Executive Officer (CEO).
On his appointment, Andy Stewart shared a forward-looking statement in the official press release, where he shared his plans for digital platforms to leverage Bitcoin mining as a complementary monetization tool.
“I am excited to join Ionic Digital at this pivotal moment,” Andy Stewart stated. “Our position at the intersection of energy, infrastructure, and innovation gives us a powerful edge in this era of AI-driven disruption. We will shape how digital platforms create value through our strategy of developing powered land, advancing high-performance computing, and leveraging Bitcoin mining as a complementary monetization tool. My immediate priority is to build a world-class team capable of accelerating Ionic Digital’s growth and unlocking shareholder liquidity.”
His hiring comes after a unanimous vote from the Board of Directors of Ionic Digital Inc.
“Andy’s success scaling data center platforms makes him the ideal leader for Ionic Digital at this critical juncture in AI infrastructure,” said Elizabeth LaPuma, Chair of the Board of Directors. “His expertise in optimizing complex infrastructure portfolios and securing capital for growth will be critical as we meet the surging demand from AI and hyperscale customers. The Board is confident he will unlock substantial value for shareholders.”
“On behalf of the Board, I want to thank Anthony for his partnership and stewardship in guiding Ionic Digital through a critical period, including our successful transaction with Nscale,” added LaPuma.
Bitcoin Mining Becoming a Source of Capital for Ionic Digital
While the main operations are related to digital infrastructure, the company is still embracing the crypto sector. Well, there is a link with one of the major unfortunate events in the history of cryptocurrency.
After Celsius confirmed bankruptcy plans, Ionic Digital was formed to acquire and operate the company’s mining operations. With Bitcoin mining revenue of $138.4 million, it gained control of Celsius’s mining hardware, sites, and related infrastructure.
This was designed to repay creditors with equity in a well-capitalized industrial mining company rather than liquidating assets at a loss.
“The first eleven months were transformational for Ionic Digital as we established a strong foundation for the future. Our financial results reflect not only the scale of what we’ve accomplished, but also the operational discipline and strategic focus that will guide us forward. We remain entirely committed to exploring and delivering value-maximizing liquidity pathways for our stockholders, building on the momentum from our inaugural year of operation to drive long-term growth,” said Anthony McKiernan, Interim Chief Executive Officer of Ionic Digital.
Bitcoin Miner Revenue Hits 5-Year Low
The revenue generated by Bitcoin miners has plunged to its lowest point in half a decade. According to Hashrate Index, hashprice has fallen to just $37.31 per petahash per second. This metric calculates the estimated daily earnings for a specific amount of computing power dedicated to mining. In simple words, it shows how much money miner can expect to make from their hardware.
Currently, the condition is working against miners. The total computational power dedicated to mining Bitcoin, known as the hashrate, is holding near its record high. At the same time, the price of Bitcoin has fallen below $92,000, which is a serious drop from its all-time high of over $126,000 in October.
