The cryptocurrency sector has experienced an uptick in recruitment since January, following the bankruptcy of Celsius. Matt Prusak, the Commercial Affairs Manager of crypto mining firm Hut 8, announced his departure on January 31 to lead a mining subsidiary post-Celsius bankruptcy. This transition was previously mentioned in regulatory filings concerning the bankruptcy.
The Reshaping of Celsius
Celsius is transforming into a Bitcoin mining entity as approved by a New York bankruptcy court, with plans to recover from bankruptcy by early 2024. Hut 8 will manage five Texas-based mining facilities for Celsius, with Prusak as CEO. The four-year contract includes an annual management fee and incentive-based equity for Hut 8.
Before its bankruptcy, Celsius had heavily invested in mining infrastructure. The Texas facilities are expected to contribute significantly to global Bitcoin mining capacity, with a projected 2% share of the total.
Bitget, a centralized crypto exchange, has reported a significant increase in job applicants from the banking sector, indicating a shift in professional interest towards the crypto industry. The report suggests that better salaries and the allure of innovation are driving this trend.
However, Bitget’s report also cautions that as traditional financial institutions adapt to Web3, there could be a reverse migration of talent from crypto back to banking. This highlights the dynamic and evolving relationship between the crypto industry and the traditional financial sector.