Bitcoin Miner Core Scientific to Shut Down Over 37,000 Mining Machines of Crypto Lending Firm Celsius

Bitcoin miner Core Scientific, which provides custody services to third parties, will shut down more than 37,000 mining machines at crypto lending firm Celsius, Bloomberg reported. Core Scientific filed for bankruptcy in December 2022 as mining operating costs rose sharply along with energy prices due to extreme weather conditions and the war with Russia and Ukraine. At the same time, Core Scientific believes that part of the reason for its bankruptcy is that Celsius did not pay electricity bills in full from July 2022 when it filed for bankruptcy protection until November 2022. According to court documents, Celsius owes Core Scientific at least $7.8 million in electricity costs for its mining machines. Subsequently, Celsius' lawyer Chris Koenig said at Tuesday's bankruptcy hearing that "Celsius has agreed to let Core shut down the mining machines, and the two parties are close to finalizing an agreement to end the custody relationship."