The judge in the Core_Scientific bankruptcy case has allowed the crypto miner to transfer millions worth of equipment to its energy provider Priority Power to quash a payments dispute.
$20.8 million worth of equipment from the now-bankrupt firm, including electrical equipment such as power transformers and breakers.
The deal also promises that Core Scientific “will introduce” Priority Power “to any acquirer” of its sites in Texas, so that it can potentially go into an energy management and consulting agreement with the new owners. Priority Power will also get to keep $514,000 earned by curtailing power for Core Scientific. The miner will also reimburse the firm “for legal fees and out-of-pocket expenses up to $85,000.”
Core Scientific filed for bankruptcy due to pressure from falling company revenues, low Bitcoin prices andCore Scientific has been forced to hand over equipment before and made a deal in February with New York Digital Investment Group to
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