Coinspeaker
Core Scientific Powers Down Celsius 37,000 Mining Rigs
Core Scientific Inc (OTCMKTS: CORZQ), the bankrupt crypto miner and hosting service provider has effectively powered down as many as 37,000 mining rigs belonging to Celsius Network. Both companies, now bankrupt had been in a business relationship that turned unfavorable for Core Scientific as Celsius Network was unable to meet up with the costs of electricity, a key cost in mining Bitcoin (BTC).
Core Scientific was the hosting service provider for Celsius Network’s mining activities as approved by the court following its bankruptcy. According to Core Scientific, the increment in energy fees that came as a result of the ongoing war in Ukraine pushed the energy costs of Celsius Network to $7.8 million.
In earlier filings, Core Scientific blamed the inability of Celsius Network to meet up with the costs as one major reason why it faced a liquidity crunch pushing it to also file for bankruptcy last month. With the 37,000
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