Bitmain to park $54M in Core Scientific (OTCMKTS:CORZQ)

Bitmain, the world’s leading manufacturer of digital currency mining servers, has agreed to invest $53.9M in the high-performance blockchain computing data centers and software solutions company, Core Scientific (OTCPK:CORZQ).

The two companies have agreed on a combination of equity and cash to finance the purchase of new and more efficient bitcoin mining equipment.

Under the terms of the purchase agreement, Bitmain will supply Core Scientific with 27,000 Bitmain S19J XP 151 TH bitcoin mining servers in exchange for $23.1M in cash and $53.9M in Core Scientific common stock, the approval of which is expected during Q4 2023.

The S19J XP operates at a high efficiency level of 21.7 joules per TH/s.

Core Scientific (OTCPK:CORZQ) has operated more than 600,000 Bitmain miners across its data centers since beginning operations in 2017.

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