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Bankrupt Bitcoin Miner Core Scientific to Buy 27K Bitmain Servers for $77M
The deal will see Bitmain receive $53.9 million worth of common CORZQ stock.
Updated Sep 22, 2023, 7:42 a.m. Published Sep 22, 2023, 7:42 a.m.
Bankrupt miner Core Scientific (CORZQ) will purchase 27,000 bitcoin mining servers from Bitmain, for $23.1 million in cash and $53.9 million in common stock, according to a press release.
The deal was first touted last month as part of Core Scientific's bankruptcy plan. Crypto firm Anchorage Digital were also mentioned as potentially taking equity in the company.
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Core Scientific is expected to receive the units, which would potentially add 4.1 exahashes to its hash rate, in the fourth quarter this year.
The mining company filed for bankruptcy last December following a drop in revenue and rising energy prices. It hopes to emerge out of bankruptcy as early as this month, according to comments from a federal judge overseeing the case in May.
“Core Scientific is an important contributor to the strength and stability of the Bitcoin Network, and we look forward to working closely with their team to help realize Bitcoin’s full potential" Bitmain CEO Max Hua said in the press release.
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