Key Points:
As part of this investment agreement, Bitmain will provide Core Scientific with a total of 27,000 S19J XP 151 TH Bitcoin mining machines. In exchange, Bitmain will receive $23.1 million in cash and $53.9 million worth of Core Scientific common stock, with the stock’s value contingent on the approval of a Chapter 11 restructuring plan currently under consideration by the bankruptcy court. This plan is anticipated to gain approval in the fourth quarter of this year.
Moreover, Bitmain has entered into a fresh hosting agreement with Core Scientific, demonstrating its commitment to supporting its mining operations in North America.
The S19J XP mining servers, known for their high efficiency at 21.7 Joules per TH/s, will enhance Core Scientific’s capabilities significantly. Core Scientific, which has been a Bitmain hosting customer for almost five years, already operates more than 600,000 Bitmain miners across its data centers.
This investment underscores Bitmain’s continued commitment to the North American digital asset mining industry and promises a stronger and more efficient future for both companies in the cryptocurrency mining landscape.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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