In line with the agreement between Core Scientific, one of the world’s largest Bitcoin (BTC) miners who filed for bankruptcy, and the bankrupt crypto loan platform Celsius Network, 37,000 mining devices were shut down.
Core Scientific has cut power to 37,000 Bitcoin mining devices owned by the troubled crypto lending platform Celsius. by Core Scientific on Oct. 19 accused of not paying electricity bills Celsius reportedly will not appeal this decision. According to court documents, Celsius covered the accumulated energy costs to Core Scientific through November 2022. $7.8 million had debt. The Bitcoin miner has similarly filed for Chapter 11 bankruptcy in December with delayed payments. an important factor among liquidity problems had suggested.
On December 28, Core Scientific submitted a petition seeking approval to cancel Celsius’s contracts, alleging that the firm’s failure to pay its electricity bills constituted a material breach of contract. After the petition was approved by the court, 37 thousand devices were disabled. Core Scientific, thanks to the cancellation of the agreement with Celsius At the current $16,000 price of Bitcoin per month 2 million dollars He expects to earn extra income.
The recent withdrawal incidents and the increase in mining costs Bitcoin difficulty level reflected as a decrease.