Bitmain injects $54m into bankrupt Bitcoin miner Core Scientific
Bitmain, a crypto mining rig manufacturer, is investing $53.9 million in Texas-based Bitcoin mining company Core Scientific as part of an ongoing supply contract. The deal comprises cash and equity for acquiring 27,000 Bitcoin mining servers. Bitmain will supply Core Scientific with these servers. Core Scientific will pay $23.1 million in cash and issue $53.9 million worth of its common stock to Bitmain in exchange. Core Scientific, which filed for Chapter 11 bankruptcy in December 2022, anticipates a court to establish its share price during its financial restructuring. The company anticipates approval of the plan in the last quarter of the year. Bitmain has also inked a new hosting agreement with Core Scientific. Bitmain’s CEO, Max Hua, commended Core Scientific for their professionalism, integrity, and dedication to the success of their hosting customers and the growth of the Bitcoin Network. You might also like: US Senator says Bitcoin mining could boost energy gri...