"Celsius and Core Scientific Reach $45M Settlement in Litigation"
Originally Published 2 years ago — by Cointelegraph
Celsius Network and Core Scientific have reached a proposed settlement in their ongoing legal battle, with Celsius agreeing to purchase a $45 million Bitcoin mining data center from Core Scientific for $14 million in cash. The deal is subject to court approval. The conflict between the two firms began when Core Scientific accused Celsius of non-payment, while Celsius claimed that Core Scientific had not fulfilled their contractual obligations. Both companies had separately filed for bankruptcy protection. The Texas-based data center, capable of supplying 215 megawatts to BTC rigs, will likely be acquired by Celsius' mining arm if the settlement is approved. The litigation is separate from the criminal charges against former Celsius CEO Alex Mashinsky and former chief revenue officer Roni Cohen-Pavon.