Core Scientific has reached a $14 million settlement with Celsius Mining, a subsidiary of Celsius Network. Core Scientific will sell the Cedarvale Bitcoin mining data center in Texas, and all ongoing legal disputes between the parties will be resolved.
The management of the Cedarvale facility will be entrusted to U.S. Data Mining Group, operating under the name U.S. Bitcoin Corp (USBTC). This settlement will not impact Core Scientific’s existing mining operations, and both companies’ voluntary Chapter 11 restructuring petitions are subject to approval in bankruptcy courts.
This deal underscores the growing prominence of blockchain and cryptocurrency in the financial sector. It highlights the increasing interest in developing mining infrastructure, particularly in Texas, rapidly emerging as a central hub for cryptocurrency mining operations.