Mathisen Marketing

Your Marketing Blog

Core Scientific to Shut Down 37,000 Bitcoin Mining Rigs Belonging to Bankrupt Crypto Lender Celsius – Mining Bitcoin News

Core Scientific to Shut Down 37,000 Bitcoin Mining Rigs Belonging to Bankrupt Crypto Lender Celsius

As an affiliate, we may earn from qualifying purchases. We get commissions for purchases made through links on this website.

Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase

Core Scientific plans to shut down 37,000 bitcoin mining rigs belonging to now-defunct cryptolender Celsius under a deal between the two bankrupt companies. Celsius owes Core Scientific about $7.8 million in energy and hosting costs due to the crypto lender’s failure to make regular payments under the hosting agreement.

Celsius owes Core Scientific $7.8 million for energy and hosting costs

Lawyers representing bankrupt bitcoin mining operation Core Scientific have told a court that crypto lender Celsius has not paid the costs of hosting the miner since July. The story was first reported by Bloomberg, and Celsius reportedly owes about $7.8 million in costs related to the machines.

Lawyers representing Core Scientific say that shutting down the bitcoin mining rigs would save the company a significant amount of money, and the company could potentially earn $2 million a month if it leases the hosting sites to another mining operation.

Core Scientific was one of the largest bitcoin mining companies in the industry, and as of 7/11/2022 data shows that 41% of the company’s servers are dedicated to customers who pay for hosting services. The company filed for Chapter 11 bankruptcy protection on December 21, 2022, but stated that the company’s machines will continue to operate to pay off debts.

Celsius’ attorney Chris Koenig has announced that the cryptolender has agreed to shut down 37,000 bitcoin mining rigs and terminate the hosting agreement. “We’re not looking to get the dollar out of Core after today,” Koenig noted. The news follows Celsius looking to expand customer requirements.

“Celsius is preparing to file an application later this week requesting an extension of the postponement date, which is the deadline for filing a lawsuit from January 3, 2023 to the beginning of February,” the company says. said on Twitter. “Our goal is to give account holders additional time to provide any evidence.” Celsius also stated that the presentation will be forwarded in the session on January 10, 2023.

Tags in this story

account holders, bankrupt companies, bankruptcy, bankruptcy protection, statute of limitations, Bitcoin Miners, Bitcoin mining, bitcoin mining equipment, bitcoin mining, Celsius, Chapter 11 bankruptcy protection, Chris Koenig, Core Scientific, crypto lender, customer claims, deadline, debt , energy costs, continuation, hearing, hosting agreement, hosting costs, hosting locations, hosting services, attorney, presentation, proof of claim, recurring payments, servers, shutdown, Twitter

What do you think about Core Scientific shutting down the 37,000 Celsius mining machine? Let us know what you think about this topic in the comment section below.

Jamie Redman

Jamie Redman is the news director of Bitcoin.com News and a financial technology reporter based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open source and decentralized applications. Since September 2015, Redman has written over 6,000 articles for Bitcoin.com News about disruptive protocols appearing today.




The authors of the picture: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for information only. It is not a direct offer or solicitation of an offer to buy or sell, or an endorsement or endorsement of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damages or losses caused or alleged to be caused by or in connection with the use of or reliance on the content, goods or services mentioned in this article.



Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest Posts

  • Record-Breaking 164 Million Daily Transactions, Market Cap Reaches $2.9 Billion

    Record-Breaking 164 Million Daily Transactions, Market Cap Reaches $2.9 Billion

    Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase In a groundbreaking achievement, the crypto industry has witnessed a record-breaking 164 million daily transactions, with the market cap reaching a staggering $2.9 billion. This unprecedented surge in daily transactions is a testament to the growing popularity and adoption of…

    Read More

  • Ethereum Faces Market Tremors As Celsius Offloads $1 Billion in ETH

    Ethereum Faces Market Tremors As Celsius Offloads $1 Billion in ETH

    Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase Ethereum, the second-largest cryptocurrency by market capitalization, is currently facing market tremors after Celsius Network, a cryptocurrency lender, offloaded a staggering $1 billion worth of ETH (Ethereum) tokens. The move by Celsius Network has raised concerns among investors and market…

    Read More

  • Binance Smart Chain (BSC) Market Cap Hits New Milestone, Registering 48% QoQ Surge

    Binance Smart Chain (BSC) Market Cap Hits New Milestone, Registering 48% QoQ Surge

    Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase Binance Smart Chain (BSC) has been making waves in the cryptocurrency world, and its market cap has recently hit a new milestone, registering a 48% quarter-over-quarter (QoQ) surge. This impressive growth is a testament to the increasing popularity and adoption…

    Read More