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

Crypto Live News

Author: Mustafa Mulla


Mustafa Mulla right arrow


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


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.

Source Article