Bankrupt Bitcoin Miner Core Scientific to Purchase $77 Million in New Mining Servers from Bitmain

Bankrupt bitcoin miner Core Scientific will purchase 27,000 mining servers from Bitmain for $23.1M in cash and $53.9M in stock.
The deal was first announced last month as part of Core Scientific's bankruptcy plan.
Anchorage Digital may also take equity in the company.
The servers could add 4.1 exahashes to Core Scientific's hash rate when delivered in Q4 2022.
Core Scientific filed for bankruptcy in December 2021 due to falling revenue and rising energy costs.

coindesk.com

Relevant topic timeline:

8/29/2023

Bitcoin metric with ‘100% long hit rate’ predicts $23K BTC price floor

Bitcoin (BTC) may present a favorable opportunity to buy at a support zone with a "100% long hit rate" at $23,000-$24,000, according to analysis by Capriole Investments, which cites historical price floors and the average miner's electricity cost as supporting factors.

9/15/2023

Core Scientific Sells Texas Data Center Site to Celsius Mining for $14M, Settling Litigation

Core Scientific and Celsius Mining LLC have reached an agreement to sell Core Scientific's bitcoin mining data center site to Celsius for $14 million and settle all existing litigation between the two parties.

9/25/2023

MicroStrategy Buys $150M in Bitcoin, Now Holds Over 158,000 BTC Acquired for $4.7B

Software developer MicroStrategy has purchased nearly $150 million worth of bitcoin between August and September, bringing its total holdings to approximately 158,245 BTC.

10/5/2023

Bitcoin Cash Price at Crossroads as Miners Sell and Whales Accumulate

Bitcoin Cash miners have sold 250,000 coins this week, worth approximately $57.5 million, contributing to an 8% decline in the cryptocurrency's price, while whales holding significant amounts of BCH have remained positive despite the drop.

10/11/2023

Bitcoin Miners Unload 20,000 BTC This Week While Crypto Markets Remain Resilient Despite Geopolitical Tensions

Bitcoin miners have sold over 20,000 BTC this week, the highest amount since April, taking advantage of higher prices to offset operational costs and potentially creating sell pressure in the market.

10/20/2023

Bitcoin Breaks $30k as Bulls Aim for Further Upside

Bitcoin consolidates below $30,000, with analysts closely monitoring the weekly close to gauge its staying power and potential for a bull breakout.

Topics

Posted 9/22/2023, 7:42:00 AM