Since January, the expected increase in jobs within the crypto sector has begun, leading to a notable recruitment process. In particular, the Commercial Affairs Manager of the crypto mining company Hut 8, Matt Prusak, announced he would leave his position on January 31 to take over the mining subsidiary after the Celsius bankruptcy. This move had been previously disclosed in regulatory filings related to the bankruptcy proceedings.
Celsius and the Mining Process
A bankruptcy court in the Southern District of New York approved an unusual plan last year to convert Celsius into a Bitcoin mining company. With this step, Celsius is expected to emerge from the bankruptcy process by the beginning of 2024.
In a press release, Hut 8 stated that it would provide end-to-end managed services for five mining facilities in Texas owned by Celsius, and Prusak would serve as the CEO. The four-year agreement promises Hut 8 limited stock in the new company and incentive-based equity, in addition to an annual management fee of 20 million dollars.
Celsius had invested hundreds of millions of dollars in mining equipment before filing for bankruptcy. According to the press release, the facilities in Texas will have a mining capacity of 12 exahash per second (EH/s). Based on data from the mining data analysis platform CoinWarz, with the current global hashrate at 540 EH/s, Celsius’s new mining company could account for approximately 2% of the global Bitcoin mining power.
Bitget Releases Eye-Opening Report
Bitget, a centralized crypto exchange, published a report on job applications and revealed that 33% of the applicants to Bitget came from the banking sector, up from 15% in 2022 and 10% in 2021. Candidates with banking backgrounds were mostly seeking jobs in areas of Know Your Customer (KYC) and compliance.
A survey among former banking candidates showed that they were mostly interested in better salaries and the innovation associated with cryptocurrencies. Bitget’s report warns that the entry of crypto into the traditional financial world could also lead to a reversal of the trend. The report includes the following statement:
“With the successful transition of banking and financial institutions to Web3, there is a possibility of attrition among professional employees from leading crypto companies.”
