Things are settling down for the American miner Core Scientific, which has been on the verge of bankruptcy for a year.
Bitmain takes a stake in Core Scientific
The American miner will buy 27,000 latest generation miners (S19J XP) from Bitmain. The 15 EH/s giant will pay $23 million in cash and $54 million in shares.
These new miners are expected to add 4.1 exahash to its hashrate before the end of the year. It would then come back neck and neck with Marathon which will soon display a hashrate of 21 EH/s.
In addition to purchasing miners, the two companies signed a new hosting agreement for miners that Bitmain owns.
They also agreed to work together to upgrade the miners hosted by Core Scientific to increase the company’s productivity.
“We look forward to deepening our strategic relationship with Core Scientific, our long-standing US partner”said Bitmain CEO Max Hua. “Their professionalism, integrity and commitment to the success of their hosting clients and the growth of the Bitcoin network are unmatched in the industry.”
Core has in fact seen more than 600,000 Bitmain miners since the start in 2017. Today, 99% of the more than 200,000 miners that the company currently operates are Bitmain S19 models.
“We are honored to expand our relationship with Bitmain”has declared for his part, the CEO of Core Scientific Adam Sullivan. “Together, we have worked tirelessly to professionalize our industry and grow the Bitcoin network.”
Core Scientific mined 965 bitcoins of its own for the month of August. And 9,755 bitcoins since the start of the year. Unfortunately, the entire harvest had to be sold. Quite the opposite of Marathon which displays reserves of more than 13,000 BTC.
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