Core

<a href="https://ultramining.com/news/en/revolution-in-bitcoin-mining-efficiency-skyrockets-defying-energy-consumption-fears/" rel="noopener noreferrer nofollow">Bitmain</a>, the world's largest bitcoin mining rig maker, and crypto platform Anchorage Digital are set to take equity stakes in <a href="https://ultramining.com/news/en/bitcoin-mining-giant-core-scientific-prepares-for-post-bankruptcy-comeback/" rel="noopener noreferrer nofollow">Core Scientific</a>. This move comes as part of Core's plan to emerge from Chapter 11 bankruptcy. 
<a href="https://ultramining.com/news/en/bitcoin-mining-giant-core-scientific-prepares-for-post-bankruptcy-comeback/" rel="noopener noreferrer nofollow">Core Scientific</a> plans to buy 27,000 units of <a href="https://ultramining.com/news/en/revolution-in-bitcoin-mining-efficiency-skyrockets-defying-energy-consumption-fears/" rel="noopener noreferrer nofollow">Bitmain</a>'s <a href="https://ultramining.com/news/en/revolution-in-bitcoin-mining-efficiency-skyrockets-defying-energy-consumption-fears/" rel="noopener noreferrer nofollow">Antminer</a> S19j XPs for $77.1 million. Consequently, they will fund the purchase with $23 million in cash and $54 million in company equity. As a result, this will reduce Core's need for new cash by $30 million. 
This is likely <a href="https://ultramining.com/news/en/revolution-in-bitcoin-mining-efficiency-skyrockets-defying-energy-consumption-fears/" rel="noopener noreferrer nofollow">Bitmain</a>'s first stake in a publicly listed miner. In addition, negotiations are underway for a $55 million equity rights offering for current stockholders. Investment bank B. Riley will also convert a $70 million loan and provide an extra $25 million in new financing. 
Furthermore, Core is negotiating settlements with several providers, including lender <a href="https://ultramining.com/en/ratings/foundry/" rel="noopener noreferrer nofollow">Foundry</a>. The firm remains the world's largest publicly listed miner in terms of total hashrate. 
<a href="https://ultramining.com/news/en/bitcoin-mining-giant-core-scientific-prepares-for-post-bankruptcy-comeback/" rel="noopener noreferrer nofollow">Core Scientific</a> filed for bankruptcy in December 2022. Now, with strategic investments and equipment purchases, the company is charting a path towards resurgence. This plan is subject to creditor voting and court approval, but it marks a significant turning point in Core's trajectory. 
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Bitmain and Anchorage Digital Invest in Core Scientific’s Resurgence from Bankruptcy

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