Bitcoin Mining Company, Bitmain, Injects IDR 830 Billion In Funds To Strengthen Partnerships With Core Scientific

Bitmain injections of funds for Core Scientific. (Photo; Doc. Coin24FR)

JAKARTA - Bitmain, one of the leading crypto mining rig manufacturers, recently announced a large investment of $53.9 million (equivalent to Rp830 billion) in Core Scientific, a leading blockchain data center provider in North America.

This investment was carried out as a strategic step to strengthen the existing partnership between these two companies. In addition, this partnership also reflects the commitment that has been established between Bitmain and Core Scientific. Both agreed to regulate financing, which includes a combination of equity and cash to obtain the latest Bitcoin mining equipment.

Bitmain will provide 27,000 S19J XP 151 TH/s Bitcoin mining servers to Core Scientific. In return, Bitmain will receive $23.1 million (Rp355 billion) in cash and $53.9 million (Rp829 billion) in Core Scientific shares.

The share value will be determined in accordance with the reorganization plan of Chapter 11 approved by the bankruptcy court, in the hope that approval will be given in the fourth quarter of this year. For information, S19J XP is known for its impressive level of efficiency, which is only 21.7 joules per TH/s.

Max Hua as CEO of Bitmain, expressed his appreciation for the professionalism and commitment of Core Scientific to the growth of the Bitcoin network.

"Professionalism, integrity, and their commitment to the success of their hosting customers and the growth of the Bitcoin Network are unmatched in this industry," said Max Hua.

Meanwhile, Core Scientific CEO Adam Sullivan also expressed their honor in expanding this significant relationship with Bitmain.

"Together, we have worked tirelessly to professionalize our industry, mapping the path for long-term growth of the Bitcoin Network as bitcoin adoption increases worldwide," Sullivan added.

Core Scientific has a target of integrating and activating 27,000 units by the end of the fourth quarter of this year. The move is expected to significantly increase the Core Scientific self-mining hashrate, which has the potential to add 4.1 exahash to their capacity.

For your information, the company has operated about 206,000 bitcoin mining rigs across all of its facilities in the United States and reported significant Bitcoin production figures. This places Core Scientific as a leader among Bitcoin mining giants in North America.