Bitmain announced the investment today alongside a new hosting agreement with Texas-based Core Scientific.
Bitmain announced the investment today alongside a new hosting agreement with the Texas-based miner that filed for Chapter 11 bankruptcy protection in December.Connect/Create WalletNo wallet? No problem. You can set one up for free. We recommend Torus for first-time users.Crypto mining rig manufacturer Bitmain plans to invest $53.9 million in bitcoin mining firm Core Scientific, the miner announced today.
in December — with 27,000 bitcoin mining servers in exchange for $23.1 million in cash and $53.9 million in Core Scientific common stock, according to the statement. A bankruptcy court will determine the company's stock value per share in accordance with the Chapter 11 reorganization plan, the approval of which is expected in the fourth quarter of this year, Core Scientific said.“[Core Scientific’s] professionalism, integrity, and commitment to the success of their hosting customers and to the growth of the Bitcoin Network is unsurpassed in the industry,” Max Hua, chief executive officer of Bitmain, said in the statement.
As of the end of August, Core Scientific operated about 206,000 bitcoin mining rigs for both hosting and self-mining, amounting to a total hash rate of 22 exahashes per second at its U.S. facilities. It said it produced 965 bitcoin in August in self-mining and 9,755 bitcoin during the first eight months of this year, “more than any other listed bitcoin miner in North America.”
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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