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Bitmain to park $54M in Core Scientific

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Bitmain to park $54M in Core Scientific
Cryptocurrency mining rigs in a data center

luza studios/E+ via Getty Images

Bitmain, the leading manufacturer of servers for mining digital currencies, has announced a $54M investment in Core Scientific (OTCPK:CORZQ). Core Scientific is a company that specializes in high-performance blockchain computing data centers and software solutions.

The investment will be made in the form of equity and cash and will be used to purchase new and more efficient bitcoin mining equipment.

As per the purchase agreement, Bitmain will provide Core Scientific with 27,000 Bitmain S19J XP 151 TH bitcoin mining servers. In return, Bitmain will receive $23.1M in cash and $53.9M worth of Core Scientific common stock. This agreement is expected to be approved during Q4 2023.

The S19J XP operates at an impressive efficiency level of 21.7 joules per TH/s.

Since its establishment in 2017, Core Scientific has successfully operated over 600,000 Bitmain miners across its data centers.

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