Core Scientific to Sell Cedarvale Mining Site to Celsius for $14M, Resolving Legal Dispute, US

Date:

Updated: 1:34 AM, Sat September 16, 2023

Core Scientific has reached a tentative agreement to sell its Cedarvale mining site in Texas to Celsius for $14 million, effectively putting an end to their legal dispute. This deal includes the transfer of the partially developed data center site, which has 215 megawatts of available power, as well as the buildings under construction, equipment, and designs necessary to complete the facility.

The agreed-upon value of Cedarvale is $45 million, but the final transaction price is set at $14 million. It’s important to note that this sale does not impact Core Scientific’s existing mining fleet.

For the agreement to be finalized, approval is required from the Southern District of Texas and the Southern District of New York. Once approved, both companies will mutually release each other from any existing litigation, effectively resolving the legal battle that began in October.

The dispute started when Core Scientific accused Celsius of failing to pay its bills. Meanwhile, Celsius claimed that Core Scientific did not fulfill its end of the agreement by deploying rigs as promised.

As of August 31, Core Scientific operated approximately 206,000 bitcoin miners for self-mining and colocation services. These miners represent a total potential hash rate of 22.0 exahashes per second across the company’s data center facilities in Georgia, Kentucky, North Carolina, North Dakota, and Texas.

This development signifies a positive step for both Core Scientific and Celsius as they aim to put their legal disputes behind them. The agreement will allow Celsius to benefit from the Cedarvale mining site’s potential, while Core Scientific can continue focusing on its mining operations without the burden of the legal battle.

Moving forward, the completion of this sale and the resolution of the dispute will pave the way for stability and growth within the crypto industry. It highlights the importance of clear agreements and effective communication between parties to avoid friction and legal complications.

In a market that is constantly evolving and experiencing rapid growth, collaboration and cooperation are key to unlocking the potential of crypto mining and ensuring mutual success for all industry players.

Frequently Asked Questions (FAQs) Related to the Above News

What is the current status of Core Scientific's legal dispute with Celsius?

As of the writing of this article, Core Scientific and Celsius have reached a tentative agreement to resolve their legal dispute.

What is the value of the agreement between Core Scientific and Celsius?

The agreement states that Celsius will purchase Core Scientific's Cedarvale mining site for $14 million.

What does the Cedarvale mining site include?

The Cedarvale mining site in Texas includes 215 megawatts of available power, buildings under construction, equipment, and designs necessary to complete the facility.

How will this agreement impact Core Scientific's mining fleet?

The agreement will not impact Core Scientific's mining fleet, which will remain unaffected.

What are the next steps for the agreement to be finalized?

The proposed sale of the Cedarvale mining site is subject to approval by the Southern District of Texas and the Southern District of New York.

What did Core Scientific and Celsius accuse each other of in their legal battle?

Core Scientific accused Celsius of failing to meet its financial obligations, while Celsius alleged that Core Scientific did not fulfill its end of the agreement by not deploying rigs as specified.

How many bitcoin miners does Core Scientific currently operate?

As of August 31, Core Scientific operated approximately 206,000 bitcoin miners.

Where are Core Scientific's data center facilities located?

Core Scientific's data center facilities are located in Georgia, Kentucky, North Carolina, North Dakota, and Texas.

How does this agreement benefit both Core Scientific and Celsius?

The agreement allows Celsius to expand its mining capabilities and enables Core Scientific to focus on its mining fleet and future endeavors.

What significance does this agreement hold for Core Scientific and Celsius?

This agreement brings an end to their legal dispute and signifies a step forward for both companies as they navigate the evolving landscape of cryptocurrency mining.

Please note that the FAQs provided on this page are based on the news article published. While we strive to provide accurate and up-to-date information, it is always recommended to consult relevant authorities or professionals before making any decisions or taking action based on the FAQs or the news article.

Neha Sharma
Neha Sharma
Neha Sharma is a tech-savvy author at The Reportify who delves into the ever-evolving world of technology. With her expertise in the latest gadgets, innovations, and tech trends, Neha keeps you informed about all things tech in the Technology category. She can be reached at neha@thereportify.com for any inquiries or further information.

Share post:

Subscribe

Popular

More like this
Related

Taylor Swift’s Dad Accused of Assaulting Photographer in Sydney, Australia

Taylor Swift's dad accused of assaulting a photographer in Sydney after a yacht party - investigation underway. Shocking altercation captured on camera.

Myanmar Pulses Exports Surge to $1.18 Billion in 2023

Myanmar's pulses exports surge to $1.18 billion in 2023, driven by demand from India and China. Black grams, green grams, and pigeon peas are top exports.

Longtime Sportscaster Blasts Trump Supporters as ‘Toxic Cult’ on CNN

Veteran sportscaster Bob Costas slams Trump supporters as 'toxic cult' on CNN, sparking controversy and debate over public figures' political opinions.

Scientists Identify Super Cosmic Ray Accelerator in Cygnus Constellation, Changing Galactic Ray Origin Theories, China

Scientists uncover a super cosmic ray accelerator in Cygnus constellation, revolutionizing our understanding of galactic ray origins.