Crypto mining providersCelsius Mining, the Bitcoin mining subsidiary of Celsius CEL/USD ,and Core Scientific CORZQ have reached a settlement deal for a long-standing legal dispute.

The agreement between the two companies is to sell Core Scientifics Ward County, Texas (Cedarvale) Bitcoin mining data center site to Celsius and settle all existing litigation between the two parties for a total cash consideration of $14 million.The mutually agreed value of the site is $45 million.

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This outcome was made possible through the collaboration of Celsius and U.S. Bitcoin Corp, whichplayed a key supporting role in structuring and executing the transaction. We are pleased to settle all existing litigation and look forward to focusing on expanding the Cedarvale capabilities and completing the site, Celsius Network Chief Restructuring Officer and Interim CEO Chris Ferraro commented.

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U.S. BitcoinGroup (USBTC) will manage the construction of the 215 MW Cedarvale facility. USBTC will also be looking into scaling and optimizing Celsius mining business.

The Cedarvale site transaction does not affect Core Scientifics mining fleet and the site is not included in its three-year roadmap, which was filed publicly in June 2023.

The deal remainedyet to be approved by Texas and New York judges.

In July, Core Scientifics self-mining operations produced 965 Bitcoinand 9,756 Bitcoin year to date through Aug. 31, 2023. It is more than any other listed Bitcoin miner in North America.

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