Bankrupt miner Core Scientific (CORZQ) will purchase 27,000 bitcoin (BTC) 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.
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.
“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.
CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.