Celsius Mining and Core Scientific Resolve Bankruptcy Lawsuits
Amid the ongoing crypto winter, mining companies have faced significant challenges, including bankruptcy lawsuits. However, Celsius Mining and Core Scientific have recently announced their plans for expansion and resolved their litigation.
Core’s Bankruptcy Declaration
According to court filings, Core Scientific aimed to generate approximately $2 million per month from its site hosting Celsius mining rigs. However, the company faced bankruptcy due to the prolonged bear market in the crypto industry.
Celsius Mining’s CEO Adam Sullivan’s Statement
Adam Sullivan, the CEO of Core Scientific, expressed satisfaction with resolving all litigation with Celsius Mining. He emphasized the company’s commitment to operational excellence and revealed a three-year growth plan that includes expanding two Texas data centers to maintain their position as one of the largest Bitcoin miners in North America.
Celsius Mining’s Interim CEO Chris Ferraro’s Statement
Chris Ferraro, the interim CEO of Celsius Mining, shared his hopes of improving the capacity of the Cedarvale site and expanding its portfolio to 300 megawatts. The company currently operates with 215 megawatts of power and equipment. Additionally, Celsius Mining will collaborate with Fahrenheit LLC to manage the new company under the bankruptcy agreements.
Hot Take: A Bright Future for Celsius and Core
The resolution of bankruptcy lawsuits and the ambitious expansion plans indicate a promising future for both Celsius Mining and Core Scientific. Despite the challenges posed by the crypto winter, these companies are determined to strengthen their positions in the market and continue contributing to the growth of Bitcoin mining in North America.
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