Core

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<p><strong>Bankrupt bitcoin miner Core Scientific has struck a deal to purchase 27,000 bitcoin mining servers from Bitmain.</strong></p> 
<h2 style="text-align: center;" id="bitmain-s-investment">Bitmain’s Investment</h2> 
<p>Core Scientific filed for bankruptcy due to <a href="https://walletinvestor.com/magazine/core-scientific-have-to-give-up-its-rigs-to-cover-their-debts" target="_blank" rel="noopener">declining revenue</a> and rising energy costs in December. They aim to emerge from bankruptcy soon, with a federal judge overseeing the case indicating a possible resolution this month.</p> 
<p>Bitmain has agreed to invest $53.9 million in Core Scientific. <a href="https://www.businesswire.com/news/home/20230921433915/en/Bitmain-to-Invest-54-Million-in-Core-Scientific-Inc.-as-Part-of-New-Supply-Contract" target="_blank" rel="noopener">This investment strengthens</a> their long-standing partnership. The funds will be used to acquire more efficient bitcoin mining equipment and support Bitmain’s mining operations in North America.</p> 
<blockquote class="twitter-tweet"> 
 <p dir="ltr" lang="en">Bitcoin mining rig maker Bitmain plans to invest $54 million in bankrupt Core Scientific <a href="https://t.co/QnXnqKyTYv">https://t.co/QnXnqKyTYv</a></p> 
 <p>— The Block (@TheBlock__) <a href="https://twitter.com/TheBlock__/status/1705099372743066076?ref_src=twsrc%5Etfw">September 22, 2023</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<h2 style="text-align: center;" id="mining-equipment">Mining Equipment</h2> 
<p>Bitmain will supply Core Scientific with 27,000 Bitmain S19J XP 151 TH bitcoin mining servers. The exchange involves $23.1 million in cash and $53.9 million in Core Scientific common stock. The per-share stock value will be determined according to a bankruptcy court-approved chapter 11 plan, expected in Q4 this year. The S19J XP operates at a high efficiency level of 21.7 Joules per TH/s.</p> 
<p>Core Scientific plans to receive and activate these units in Q4 2023, potentially adding 4.1 exahashes to its self-mining hash rate. They also plan to upgrade Bitmain’s previous-generation miners with S19J XP servers, further increasing their hash rate.</p> 
<h2 style="text-align: center;" id="core-scientific-s-operations">Core Scientific’s Operations</h2> 
<p>As of August 2023, Core Scientific operated around 206,000 bitcoin miners, achieving a total hash rate of 22.0 exahashes per second across its U.S. facilities. They are a major player in the North American bitcoin mining industry, producing 965 bitcoin in August and 9,755 bitcoin year-to-date.</p> 
<blockquote class="twitter-tweet"> 
 <p dir="ltr" lang="en">Today’s <a href="https://twitter.com/search?q=%24CORZ&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$CORZ</a> daily self-mined <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> for the last reported 24-hour period (20-Sep-2023): 32.1 <a href="https://t.co/jvlZxDrhu4">pic.twitter.com/jvlZxDrhu4</a></p> 
 <p>— Core Scientific (@Core_Scientific) <a href="https://twitter.com/Core_Scientific/status/1704874773031841894?ref_src=twsrc%5Etfw">September 21, 2023</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<h2 style="text-align: center;" id="bitmain-s-global-presence">Bitmain’s Global Presence</h2> 
<p>Bitmain is a global leader in digital currency mining servers through its brand ANTMINER, serving customers in over 100 countries and regions. They have subsidiaries worldwide, including China, the United States, Singapore, Malaysia, and Kazakhstan.</p> 
<h2 style="text-align: center;" id="conclusion">Conclusion</h2> 
<p>This partnership signifies a significant development for North America’s mining industry, providing access to advanced mining equipment. It comes at a time when the crypto-mining sector faces regulatory challenges and market volatility. Core Scientific aims to optimize its operations, maintaining its position as a key global player in the industry.</p>

Bankrupt Bitcoin Miner’s Deal with Bitmain

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