Bitmain’s $53.9 Million Investment Catalyzes Core Scientific’s Pioneering Blockchain Efforts, Strengthening Bitcoin’s Longevity

Core Scientific, Inc. (OTC: CORZQ), a leading entity in blockchain computing data centers and software solutions based in North America, announced a pivotal investment from Bitmain. Bitmain, known globally for manufacturing ASIC Miners, is committing $53.9 million to Core Scientific, exemplifying a fortified alliance between these two powerhouses in the Bitcoin industry.

Core Scientific CEO, Adam Sullivan, emphasized the pivotal role of Bitmain’s unparalleled product quality and service, describing them as “vital to Bitcoin’s longevity.”

Bitmain’s commitment not only strengthens the ties with Core Scientific but also showcases a significant expansion in the sector. This American mining giant is all set to acquire 27,000 of the latest-generation miners (S19J XP) from Bitmain. This substantial purchase, due for delivery in Q4 2023, will accentuate Core’s self-mining hash rate by 4.1 EH/s. Core Scientific will liquidate $23 million in cash and $54 million in shares for this strategic acquisition.

Both companies have shown a combined resolve to upgrade older ASIC miners at Core’s centers. As of August 2023, Core has been operating 206,000 miners, achieving a rate of 22.0 EH/s. This collaboration symbolizes a stride towards innovative advancements in blockchain technology and Bitcoin mining, aiming to elevate the standards and the scalability of blockchain solutions in the industry.

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