Bloomberg Law
Jan. 3, 2023, 8:56 PM

Crypto Miner Core Scientific to Shutter 37,000 Celsius Rigs (1)

Jeremy Hill
Jeremy Hill
Bloomberg News

Celsius Network LLC has agreed to let Core Scientific Inc. shut off more than 37,000 crypto mining rigs that the bankrupt digital-asset lender hasn’t been fully paying for, resolving a months-long conflict.

Core, a Bitcoin miner that hosts rigs for third parties, itself filed for bankruptcy last month and partially blamed non-payment by Celsius for its downfall. Their hosting deal allows Core to pass on some power costs to Celsius, but the company hasn’t been paying those bills since it filed for Chapter 11 protection in July, according to lawyers for Core Scientific.

The case could serve as legal precedent ...