Celsius and Core Sci Reach $14M Settlement Agreement for Litigation

Celsius and Core Sci Reach $14M Settlement Agreement for Litigation

Celsius Mining Acquires Core Scientific’s Cedarvale Data Center

Celsius Mining LLC, a major player in the Bitcoin mining industry, has announced its acquisition of Core Scientific’s Cedarvale data center located in Ward County, Texas. The data center boasts 215 megawatts of available power. The deal includes ongoing construction, essential equipment, and design elements necessary for the completion of the site. This acquisition further strengthens Celsius’s operations in West Texas and increases its self-mining capacity to 300 megawatts.

Resolution of Legal Dispute

The agreement between Celsius and Core Scientific also marks the resolution of an ongoing legal battle between the two companies. Adam Sullivan, CEO of Core Scientific, expressed relief at the settlement, stating that all existing litigation related to Celsius Mining has been resolved. Sullivan also emphasized Core Scientific’s commitment to improving operational excellence.

Partnership with US Bitcoin Corp

The Cedarvale deal not only solidifies Celsius’s position but also paves the way for a partnership with Fahrenheit LLC. This collaboration promises to provide the necessary capital, technology, and leadership for the success of NewCo.

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Construction Led by US Bitcoin Corp

US Bitcoin Corp, with its extensive experience, will lead the construction of the Cedarvale facility. This project is part of Celsius’s strategy to expand and optimize its mining business. Asher Genoot, President of USBTC, expressed confidence in the success of the transaction and highlighted Fahrenheit’s leadership role.

Impact on Core Scientific

The acquisition of Cedarvale will not affect Core Scientific’s mining fleet. While the site was valued at $45 million, Celsius will pay $14 million in cash to Core Scientific. As of August 31, 2023, Core Scientific operated approximately 206,000 Bitcoin miners, making it the largest listed Bitcoin miner in North America.

Bankruptcy Court Approval Required

Both Celsius and Core Scientific have filed voluntary Chapter 11 petitions, so the agreement is subject to approval from the respective Bankruptcy Court jurisdictions.

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Hot Take: Expanding Operations and Strengthening Partnerships

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The acquisition of Core Scientific’s Cedarvale data center allows Celsius Mining to enhance its presence in West Texas and significantly increase its self-mining capacity. The resolution of the legal dispute between Celsius and Core Scientific paves the way for future collaborations and partnerships. With US Bitcoin Corp leading the construction of the facility and providing its expertise, Celsius is well-positioned for success in expanding and optimizing its mining business. This strategic move demonstrates Celsius’s commitment to growth and innovation in the Bitcoin mining industry.

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Celsius and Core Sci Reach $14M Settlement Agreement for Litigation
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