Digital asset miners Core Scientific and Celsius Mining have struck a $45 million deal over the Cedarvale mining site after months of litigation. According to the court filing, both companies have resolved to settle all disputes in a deal that they describe as beneficial to the entire mining ecosystem. … Read More: Celsius and Core Scientific…
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The troubled US-based Bitcoin (BTC) miner Core Scientific has filed its reorganization plan under Chapter 11 of the US bankruptcy law, and now plans to convert debt to equity for creditors. The filing was made in the Southern District of Texas on Wednesday, and shows that the mining firm has agreed to a restructuring plan…
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Core Scientific has rejected a multi-million-dollar administrative claim from Celsius Network, arguing it’s owed an even higher amount from the crypto lender. Bankrupt Bitcoin (BTC) mining firm Core Scientific has objected to paying a $4.7 million administrative claim put forward by crypto lender Celsius Network, leading to a battle between the firms over contractual obligations.…
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The debtors appointed Adam Sullivan, a managing director at investment banking firm XMS Capital Partners, to assume the role of president amid the firm’s bankruptcy proceedings. The debtors behind bankrupt cryptocurrency mining firm Core Scientific filed a motion for the approval of hiring a permanent president. In an April 10 filing with the United States…
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Millions of dollars worth of electrical equipment will be transferred to the crypto miners’ exclusive energy negotiator to settle a payments dispute. A $20 million settlement between Bitcoin (BTC) miner Core Scientific and its energy negotiator Priority Power Management has been approved by the judge in Core Scientific’s bankruptcy proceedings. In a March 20 filing…
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The Bitcoin miner received a letter from the SEC on Feb. 22 which highlighted accounting mistakes it made on multiple financial disclosures. Bitcoin (BTC) miner Marathon Digitial will reissue a number of previous financial statements after the Securities and Exchange Commission (SEC) pointed out some accounting errors the firm made. According to a Feb. 27…
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The Amesbury, Massachusetts-based Bankprov, a subsidiary of Provident Bancorp, has announced that it will no longer provide loans secured by cryptocurrency mining rigs. In a filing with the U.S. Securities and Exchange Commission (EX-99.1), Bankprov stated that revenue from its digital asset loan portfolio will continue to decrease as the company has discontinued new loan…
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