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Celsius acquires Texas mining site from Core Scientific for $14m

Press Releases Crypto News Crypto-News Celsius acquires Texas mining site from Core Scientific for $14m

Core Scientific sold a Cedarvale, Texas-based mining location to bankrupt crypto lender Celsius for $14 million, while also releasing $31 million worth of claims against the company.

According to a court filing, Core Scientific jettisoned the mining location in Ward County, Texas. The deal with Celsius came to light in a Thursday court filing, which also revealed that Core Scientific is releasing its $31 million worth of claims against Celsius, elevating the overall transaction to $45 million.

Celsius court filing

The court filing stated, “After months of negotiations, Celsius and [Core Scientific] have now consensually resolved their long-running disputes and agreed to a global settlement that will fully resolve this litigation.”

Both companies are in the midst of financial challenges, with Core Scientific itself going through bankruptcy procedures. The settlement is pending court approval before it can be officially enacted. While this agreement appears to be a financial lifeline for both parties, it is also a strategic move aimed at restructuring and reinventing their businesses.

According to the documents, the mining site that Celsius acquired will serve as “a key component of Celsius’ reorganized mining business under its Plan.”

The site is a “partially-developed, non-operational” mining facility boasting 215 megawatts of available power. Core Scientific is also transferring the site’s design plans to Celsius, thereby equipping the latter to complete construction.

In terms of historical context, Core Scientific had previously hosted 37,000 of Celsius Mining’s Bitcoin( Go to Source to See Full Article
Author: Bralon Hill

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