Bitmain Invests $53.9m in Core Scientific for New Bitcoin Mining Machines!

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Author: Mustafa Mulla

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Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.

Sep 22, 2023 11: 46

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Bitmain, a crypto mining rig manufacturer, is set to invest $53.9 million in Core Scientific, a Texas-based bitcoin mining firm. The two will finance the purchase of new bitcoin mining machines through a combination of equity and cash. Bitmain will supply Core Scientific with 27,000 bitcoin mining servers in exchange for $23.1 million in cash and $53.9 million in Core Scientific common stock. Core Scientific said it plans to receive and energize the 27,000 new units in Q4 2020, which could add a potential computing power of 4.1 exe hashes to itself-mining hash rate. Core Scientific filed for Chapter 11 bankruptcy protection in December.

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