TechFlow news, according to BusinessWire, Bitcoin mining firm Core Scientific announced that Bitmain has agreed to invest $53.9 million in the company, expanding the long-term partnership between the two companies.
Bitmain and Core Scientific have agreed to jointly fund the purchase of new, more efficient Bitcoin mining equipment through a combination of equity and cash. In addition, Bitmain has signed a new hosting agreement with Core Scientific to support Bitmain's mining operations.
Under the terms of the agreement, Bitmain will provide Core Scientific with 27,000 units of Bitmain S19J XP 151 TH Bitcoin miners in exchange for $23.1 million in cash and $53.9 million in Core Scientific common stock. Core Scientific plans to receive and activate these 27,000 miners in the fourth quarter of 2023.
As of August 31, 2023, Core Scientific operated approximately 206,000 Bitcoin miners for both hosted and self-mining operations, with a total hash rate of 22.0 EH/s across its data center facilities in five U.S. states.
