Bitmain to take a stake in Core Scientific miner

ASIC manufacturer Bitmain is about to acquire a shareholding in Core Scientific while the bitcoin miner prepares for release from the bankruptcy.

According to a file submitted to the court in charge of the bankruptcy proceedings (Chapter 11) of Core Scientific, Bitmain is expected to take a stake in the listed miner, which filed for bankruptcy at the end of 2022.

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Chinese industrialist plans to sell 27,000 machines – its new S19j XP model – to the American crypto-mining firm for 23 million in cash and the equivalent of 54 million dollars at shares of the company. The transaction will reduce Core Scientific’s debt by approximately $30 million.

Anchorage, a major US crypto-custody player and Core creditor, also plans to take a stake in Core Scientific. participation in the company. His other major creditorsincluding BlockFi, should opt for the secured debt.

The restructuring plan proposed this week will be submitted to a vote of creditors and will require court approval to go ahead.

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Earlier this year, the miner of BTC managed to secure a loan totaling $75 million to keep its head above water. Blackrock, its largest shareholder, lent $17 million. The Texas-based firm subsequently sold 20% of its machines to NYDIG in order to settle a $38 million loan.

Core Scientificwhich continued to operate during its bankruptcy proceedings, is one of the world’s largest bitcoin miners in terms of hashrate.

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