Bitmain Announces It Will Invest in Failed Bitcoin Miner

Bitmain, which produces equipment for cryptocurrency miners, is evaluating investment opportunities. The equipment manufacturer announced that it plans to invest 53 million 900 thousand dollars in Core Scientific, a Bitcoin mining company that went bankrupt at the end of last year.

US-based sunken Bitcoin miner Core Scientific stated that they want to further strengthen their long-term business relations with the investment made by the manufacturer. Bitmain will use shares and cash to finance new devices.

Bitmain will provide Core Scientific with 27,000 BTC mining servers in exchange for $23 million in cash and $53.9 million in shares. Company manager Max Hua said the following after the agreement:

“Core’s professional and honest business strategy is unique compared to other competitors in the industry.”

The US crypto miner will expand its operations by purchasing the equipment in question by the end of the year. The company wants to increase the mining rate to 4.1 exahash.

According to the information shared at the end of August, Core Scientific produced approximately 9 thousand 750 BTC in 8 months. According to the company’s statement, this figure is larger than all manufacturers in the region.

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