Core Scientific shuts down 37K mining rigs it was hosting for Celsius
Core Scientific estimated that canceling the agreement with Celsius will provide $2 million in revenue per month as long as Bitcoin stays around $16,700. Bankrupt cryptocurrency lender Celsius Network agreed to let Bitcoin (BTC) miner Core Scientific shut off more than 37,000 mining rigs it had been hosting for Celsius during the miner’s Bankruptcy proceedings. Core Scientific filed a revised proposed order on Jan. 3 which incorporated “revisions acceptable to Celsius” noting “all Celsius rigs will be powered down effective January 3, 2023 and will not be restarted during the transition period.” Previously, Core Scientific accused Celsius of failing to pay its power bills on Oct. 19 citing the non-payment as a major factor leading to its liquidity issues after the Bitcoin miner filed for Chapter 11 bankruptcy on Dec. 21. On Dec. 28 Core Scientific filed a motion seeking approval to reject Celsius’ contracts claiming the firm's failure to pay its power bills constitutes a materia...