According to Coincu, Bitmain, a leading cryptocurrency mining company, has announced a $53.9 million investment in Bitcoin mining firm Core Scientific. This strategic decision aims to strengthen their long-term partnership and propel both companies further into the digital currency mining industry. As part of the investment agreement, Bitmain will supply Core Scientific with 27,000 high-efficiency S19J XP 151 TH Bitcoin mining machines in exchange for $23.1 million in cash and $53.9 million worth of Core Scientific common stock. The stock's value is contingent on the approval of a Chapter 11 restructuring plan currently under consideration by the bankruptcy court, which is expected to gain approval in the fourth quarter of this year.
In addition, Bitmain has entered into a new 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 significantly enhance Core Scientific's capabilities. Core Scientific, which has been a Bitmain hosting customer for nearly 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.
