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According to JLC Network Technologys calculations, as of the sixth working day on September 7th, the average price of benchmark crude oil was $91.25 per barrel, with a change rate of 4.04%. Domestic gasoline and diesel retail prices should be increased by 200 yuan per ton. The adjustments are based on: 1. the structure of domestic crude oil imports and the settlement benchmark commodities; 2. minor adjustments may be made during the pricing mechanisms operation based on import structure, etc., and JLC Network Technology will revise accordingly; 3. At 24:00 on August 28th, domestic gasoline and diesel retail prices were increased by 375 and 360 yuan per ton respectively. Based on the "ten working days" principle, the adjustment window for this round of prices is 24:00 on September 11th.Futures News, September 7th: Crude oil prices remained high, with positive news and cost factors supporting fuel oil traders to maintain prices and increase sales. Downstream buyers, focused on immediate needs, operated cautiously, pushing market prices steadily upward. Overall market trading sentiment was positive, and domestic fuel oil negotiations are expected to continue their steady upward trend today.On September 7, according to the Saudi Ministry of Foreign Affairs, Saudi Foreign Minister Faisal and British Foreign Secretary Miliband held a telephone conversation to discuss developments in the Middle East and emphasized the importance of easing tensions. In a statement, the Saudi Ministry of Foreign Affairs said that Faisal and Miliband reviewed bilateral relations and discussed the latest regional and international situation and its impact on security and stability. The statement also noted that "the two sides also discussed the importance of strengthening diplomatic efforts to ease tensions, enhancing the security of international waterways, and ensuring freedom of navigation."The US non-farm payrolls report for August exceeded expectations, causing a sharp drop in spot gold and silver prices before a rebound. Currently, they are trading in a narrow range. A chart provides a quick overview of the pre-market prices of gold and silver, converted between domestic and international markets.As of 8:30 AM Beijing time, spot platinum was down 0.08%, while spot palladium was up 0.10%.

Crypto lender Celsius defends bitcoin mining plans as bankruptcy kicks off

Jimmy Khan

Jul 19, 2022 14:35

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Bitcoin mining is essential to the company's reorganization efforts, according to cryptocurrency lender Celsius Network, who made the statement during a Manhattan bankruptcy court hearing on Monday.


headquartered in New Jersey U.S. Bankruptcy Judge Martin Glenn gave Celsius permission to spend $3.7 million on building a new bitcoin mining facility and $1.5 million on customs and fees on incoming bitcoin mining equipment.


The firm, which stopped other commercial activities including its cryptocurrency loans, might find a method to pay back consumers whose funds it had frozen in the weeks before to declaring bankruptcy, according to Patrick Nash, a lawyer representing Celsius.


The mining industry "has the potential to be pretty profitable in a scenario where the crypto market recovers," Nash said.


On July 13, Celsius declared bankruptcy, citing a $1.19 billion balance sheet shortfall. Following a significant cryptocurrency market sell-off caused by the May collapse of prominent coins terraUSD and luna, the business model of crypto lenders came under criticism.


Due to the significant volatility, Celsius' assets decreased, and its decision to freeze client accounts was an effort to reduce losses and stabilize its operations, according to Nash.


In the weeks leading up to the Chapter 11 filing, some customers threatened and sent hate mail to a few firm workers. Celsius is hoping that the mining endeavor will help it mend those relationships.


However, a group of equity investors hinted to a potential conflict over ownership of the bitcoin mining businesses. According to Dennis Dunne, the investors' attorney, they can argue that the freshly created currencies need to be given to all Celsius creditors rather than deemed the property of the UK company that acquired the money for the mining activity.


Customers could complain to Celsius' expenditure on bitcoin mining companies at a time when their own financial recovery is in question, according to the bankruptcy monitor of the U.S. Department of Justice.

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