According to a press statement, insolvent miner Core Scientific (CORZQ) will buy 27,000 bitcoin (BTC) mining servers from Bitmain for $23.1 million in cash and $53.9 million in common stock.Last month, the acquisition was first promoted as a component of Core Scientific’s bankruptcy strategy.Anchorage Digital, a cryptocurrency corporation, was also touted as a potential investor in the business.
The devices, which might raise Core Scientific’s hash rate by 4.1 exahashes, are anticipated to arrive in the fourth quarter of this year.The mining company declared bankruptcy in December of last year as a result of declining income and increased energy costs.A federal judge supervising the case said in May that the company hoped to come out of bankruptcy as soon as this month.
“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.