Celsius and Core Scientific Reach $45 Million Settlement in Mining Dispute!

Author: Mustafa Mulla

Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.

Sep 15, 2023 15:40

Crypto mining providers Celsius and Core Scientific have reached a $45 million tentative settlement to resolve a long-standing legal dispute. Celsius will pay $14 million in cash and the rest in adjusted claims. The settlement must be approved by judges in Texas and New York, where Core and Celsius filed for bankruptcy, respectively. The deal also involves Celsius acquiring Cedarvale, an 85-acre Texas mining site. Celsius had filed claims for $312 million after Core powered down its mining rigs in January, citing unpaid dues. The settlement ends expensive litigation between the firms.