Celsius Agrees To Let Core Scientific Shut Down 37K Mining Rigs

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Alex Mashinsky; Photo Source: Benjamin Girette/Bloomberg
According to Core Scientific’s court filing, “ All Celsius rigs will be powered down effective January 3, 2023 and will not be restarted during the transition period.”

Core Scientific will shut down over 37,000 of Celsius’ crypto mining rigs after several months of dispute with the bankrupt lender.

Earlier in October 2022, Core Scientific claimed that Celsius Mining owed the firm $5.4M for hosting its mining equipment. 

On December 21, Core Scientific filed for chapter 11 bankruptcy after stating that Celsius defaulting on payments has caused financial instability for the firm. 

A week later, Core Scientific filed a motion with the bankruptcy court in Texas to terminate its contract with Celsius. The mining firm argued that rejecting the contract with Celsius will allow it to save $28K per day in addition to generating $2M every month by providing hosting services to other clients.



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In the court hearing held on January 3, Celsius’ attorney Chris Koenig said the bankrupt lender has agreed to let Core Scientific turn off its mining rigs, adding,

“We’re not seeking to make a dollar off of Core after today.”

As per Core Scientific’s latest court filing, the crypto mining company will derack and load the mining equipment in trucks provided by Celsius. Core Scientific added that the shipments will be picked up within 75 days.

Written by
Ayush Pande
According to Core Scientific’s court filing, “ All Celsius rigs will be powered down effective January 3, 2023 and will not be restarted during the transition period.”

Core Scientific will shut down over 37,000 of Celsius’ crypto mining rigs after several months of dispute with the bankrupt lender.

Earlier in October 2022, Core Scientific claimed that Celsius Mining owed the firm $5.4M for hosting its mining equipment. 

On December 21, Core Scientific filed for chapter 11 bankruptcy after stating that Celsius defaulting on payments has caused financial instability for the firm. 

A week later, Core Scientific filed a motion with the bankruptcy court in Texas to terminate its contract with Celsius. The mining firm argued that rejecting the contract with Celsius will allow it to save $28K per day in addition to generating $2M every month by providing hosting services to other clients.



Get Our Free Newsletter

Subscribe to our newsletter to get tips, our favorite services, and the best deals on Bitcompare-approved picks sent to your inbox


In the court hearing held on January 3, Celsius’ attorney Chris Koenig said the bankrupt lender has agreed to let Core Scientific turn off its mining rigs, adding,

“We’re not seeking to make a dollar off of Core after today.”

As per Core Scientific’s latest court filing, the crypto mining company will derack and load the mining equipment in trucks provided by Celsius. Core Scientific added that the shipments will be picked up within 75 days.

Written by
Ayush Pande