Celsius, Core Scientific Resolve Acrimonious Mining Dispute With $45M Deal

Crypto mining providers Celsius and Core Scientific (CORZ) have reached a tentative $45 million deal to resolve a long-standing legal dispute, according to Thursday court filings.

The deal, which involves Celsius paying $14 million in cash and the remainder in adjusted claims, must be approved by judges in Texas and New York, jurisdictions where Core and Celsius have respectively filed for bankruptcy.

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The settlement “resolves the protracted and expensive litigation with Core, and cuts off the significant costs that would have been incurred if the parties were to fully litigate their claims,” a filing by Celsius’ lawyers said, describing the deal – under which Celsius also acquires Cedarvale, an 85-acre Texas mining site – as a “fair, equitable, and a carefully negotiated resolution.”

Celsius had previously filed claims of $312 million after Core powered down Celsius mining rigs in January, citing unpaid dues, and had previously filed motions saying Core should be held in contempt of court.

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Celsius creditors are voting on whether to approve a sale to crypto consortium Fahrenheit Holdings, a consortium that includes mining company US Bitcoin Corp.