
Core Scientific to borrow $70M from investment bank B. Riley
Core Scientific will use the funds to replace an existing credit facility from the same bank and to keep running for 15 months as it undergoes bankruptcy proceedings.
Core Scientific will use the funds to replace an existing credit facility from the same bank and to keep running for 15 months as it undergoes bankruptcy proceedings.
Core Scientific faces allegations of "securities fraud and other unlawful practices" that led to its share price tumbling, ultimately forcing it to file for bankruptcy.
Core Scientific has been in dispute with the bankrupt Celsius Network over the mining rigs, with the lender owing $7.8 million to the bankrupt BTC miner since November.
Despite the filing, Core Scientific expects to continue operating normally, won’t liquidate assets and has entered into restructuring support agreement with creditors.
The heat wave in Texas is setting new records, leading to a spike in electricity demand by the residents, and BTC miners have to take a back seat.
The firm entered into a sales agreement with strategic partner Bitmain Technologies Limited to buy a mix of its S19, S19 Pro, S19J, and S19J Pro Antminers hardware rigs.
New player Blockcap forecasts to deploy over 40,000 ASIC miners by the fourth quarter of 2021, according to reports.
By leveraging its newly assembled hashing power, the company expects to benefit from the economies of scale in purchasing equipment and managing energy cost to achieve higher returns.
Core Scientific is planning to increase current capacity by threefold by purchasing over 58,000 ASIC hardware miners from Bitmain.
Core Scientific will buy 17,595 units of Bitmain's S19 Antminer machines, to be delivered over the next four months.
Kristy Leigh Minehan continues to spread the message that BSV is giving power to miners.
Kristy Leigh Minehan explained to the Toronto crowd that BSV is giving miners a voice and giving them the right incentives.