The news is official: Bitcoin mining giant Bitmain will invest $54 million in bankrupt Core Scientific.
Bitmain is the world’s largest manufacturer of ASICs for Bitcoin mining.
Bitcoin mining: Bitmain believes in Core Scientific
Core Scientific is a company that was specifically involved in Bitcoin mining, and it filed for bankruptcy in December last year.
The company had been granted access to the famous Chapter 11 of US bankruptcy rules, through which it tried to restructure its debt in order to restart.
What’s more, it is also publicly traded, on the Nasdaq, although its share price has fallen from $15 in November 2021 to the current $0.7.
Note that in January it had also fallen as low as $0.04, but after February it had climbed back up to $0.38.
In June it began a new ascent, which took the stock as high as $1.2, but only to fall back to $0.7. It is possible, however, that news of Bitmain’s investment could cause its market value to rise further.
At the time of
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