Crypto Mining Giant Bitmain to Invest $53.9 mn
Bitmain, a leading manufacturer of crypto mining rigs, has invested $53.9 million in Core Scientific, a North American blockchain data center provider and digital asset miner since 2017. The investment is a strategic move to strengthen their partnership and expand their existing relationship and supply contract. Both companies have agreed to a unique financing arrangement, blending equity and cash to acquire new Bitcoin mining equipment.
Bitmain is set to offer Core Scientific 27,000 Bitmain S19J XP 151 TH bitcoin mining servers in exchange for $23.1 million in cash and $53.9 million in Core Scientific common stock. The per-share value of the stock will be determined based on a Chapter 11 plan approved by a bankruptcy court. The S19J XP has an impressive efficiency level of 21.7 joules per TH/s. This investment is a strategic move to strengthen its partnership with Core Scientific and a new hosting agreement.
(With inputs from Shikha Singh)
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