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Core Scientific and Celsius Mining Settle Litigation with Texas Data Center Purchase Agreement
Core Scientific has agreed to sell its Cedarvale Bitcoin mining site in Texas to Celsius Mining LLC for $14 million. The deal will settle ongoing litigation and allow Celsius to expand its Texas data centers. The Cedarvale site, valued at $45 million, will be overseen by US Bitcoin Corp. The transaction is not impacting Core Scientific’s mining fleet. (Read More)
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Celsius CFO Says Company’s Cash Flow Will See It Through 2022
Celsius CFO Says Company’s Cash Flow Will See It Through 2022
Celsius’ Chief Financial Officer has said that the embattled lender has sufficient cash to make it to the end of the year. This turn of events comes hot on the heels of a court filing on Aug. 14, 2022, by law firm Kirkland & Ellis LLP, revealing that Celsius’ liquidity can only sustain it until the end of Oct. 2022. Celsius paused customer withdrawals in early June as it ran into liquidity…
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Celsius Bankruptcy Could Compound Bitcoin Mining Woes
Celsius Bankruptcy Could Compound Bitcoin Mining Woes
Celsius Network filing for bankruptcy could spell more troubles for the crypto mining sector, especially if it decides to sell its own mining unit. Celsius’ mining subsidiary also filed for Chapter 11 bankruptcy protection, showing that it owns 80,850 mining rigs, of which 43,632 are operating. By the end of the year, It expects to increase its mining capacity to around 120,000 rigs and generate…
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