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.
Credit: Source link