37,000 Bitcoin mining rigs owned by the bankrupt cryptocurrency lender Celsius will be shut down by Core Scientific

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According to an agreement between the two bankrupt companies, Core Scientific intends to shut down 37,000 bitcoin mining equipment owned by the now-defunct crypto lender Celsius.

Due to Celsius’s inability to make the required regular hosting contract payments, Core Scientific is owed roughly $7.8 million by Celsius for energy and hosting expenses.

Core Scientific Owes Celsius $7.8 Million in Hosting and Energy Costs.

Core Scientific’s bankruptcy attorneys have informed the court that cryptocurrency lender Celsius has not made payments on its hosting charges for mining equipment since July.

According to Bloomberg, who broke the story first, Celsius owes about $7.8 million for the machine-related expenses.

The corporation might potentially gain $2 million per month if it rents the hosting seats to another mining operation, according to Core Scientific’s attorneys, if the bitcoin mining equipment were to be turned off.

Records from November 7, 2022 show that 41% of Core Scientific’s servers are for customers paying for hosting services. The company was one of the biggest bitcoin miners in the market.

According to Chris Koenig, a lawyer for Celsius, the cryptocurrency lender has consented to turn off the 37,000 bitcoin mining equipment and terminate the hosting agreement.

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