BitcoinMining equipment manufacturer Bitmain goes bankrupt Core Scientificplans to invest 54 million dollars in
bitmain , announced today that the Texas-based mining company, which filed for Chapter 11 bankruptcy protection in December, has made the investment alongside its current deals. The company said in a statement that the crypto mining rig manufacturer bitmain‘s Bitcoin mining company Core ScientificHe announced that he plans to invest 53.9 million dollars in .
Mining companies trust each other
The investment from Bitmain comes as the two firms aim to expand their “long-standing relationship” under a supply agreement, the Texas-based Bitcoin mining firm said in a statement. Both firms agreed on a combination of equity capital and cash to finance the purchase of new Bitcoin mining machines.
Under the acquisition agreement, Bitmain plans to provide 27,000 Bitcoin mining servers to Core Scientific, which filed for Chapter 11 bankruptcy protection in December, in exchange for $23.1 million in cash and $53.9 million in Core Scientific common stock, according to the statement.
