Core Scientific Stops 37,000 Celsius Miners To End Protracted Conflict

Key Points:Core Scientific stopped 37,000 bitcoin mining devices from going bankrupt at Celsius in order to end a long-running dispute between them.
Core Scientific attributed its bankruptcy largely to Celsius’s inability to pay its expenses fully.
Core owes Celsius at least $7.8 Million in electricity for its mining equipment.
Core Scientific prevented 37,000 bitcoin mining devices from going bankrupt, according to Bloomberg. This was to resolve a long-running dispute between them. Core can also move some of its electricity costs over to Celsius through their storage agreement. Core Scientific stopped 37,000 mining devices from bankrupting cryptocurrency company Celsius to resolve a long-running conflict between them, Bloomberg reports. Core Science also has a storage agreement that allows Core to transfer some of its electricity costs to Celsius. Over the last year, soaring energy prices due to extreme weather conditions and Russia’s invasion of Ukraine have sharply increased the operating costs of electricity-intensive mining operations.About 41% of Core’s total fleet or 100,000 servers, were dedicated to hosting its customers as of the company’s Nov. 7 operational update. According to court documents, Core owes $7.8 million in electricity costs for the rigs that were used up to November. Core could save thousands of dollars per day by turning off the rigs. Additionally, the company could make an additional $2 million per month if it could sell Celsius’ existing space to other customers. Chris Koenig, a Celsius lawyer, stated that he was not looking to make a dime off of Core. According to Chris Koenig, a Celsius lawyer, the two sides have agreed to allow Core to power down their rigs and are close to completing a deal to end their hosting partnership. We encourage you to do your own research before investing.Join us to keep track of news: coincu.comFoxyCoincu NewsTags: # Cryptocurrencies#MarketsbankruptcyBlockchainCelsiusCore ScientificcryptoMiners