The bid was received recently, and according to CoreScientific’s filing, offers “debt payment in its full amount of $72 million.” This deal needs to be approved by the SEC.
The cryptocurrency market has seen a lot of volatility in the past few months. Bitcoin prices have fluctuated over $10,000, and many altcoins have seen their values decrease significantly. But luckily for one mining company, its investors are still interested in buying its equipment—and at a high price! CoreScientific announced in an SEC filing that it has reached a deal for the purchase of certain mining rigs with an anonymous bidder. The bid, which was received on May 6, is worth $72 million paid in debt.
CoreScientific Supports BTC
CoreScientific is currently partnering with Riot Blockchain to work out a plan to launch its own mining pool.
CoreScientific’s CEO Brian Nelson said: “This partnership will provide CoreScientific with the resources, experience and network necessary to bring our business into profitability.”
The company has been struggling financially since the crypto crash, and was forced to lay off employees earlier this year.
CoreScientific, a mining company in Texas, may have avoided bankruptcy after receiving a bid for $72 million on May 6. The bidder was anonymous and CoreScientific has not yet accepted the offer.
The news comes as CoreScientific is currently partnering with Riot Blockchain to work out a plan to launch its own mining pool. The partnership hopes to help both companies succeed in an industry that has seen many bankruptcies recently due to low bitcoin prices and difficulty increases.
The offer was made to CoreScientific in an SEC filing on May 10, which revealed that the bidder is willing to pay $72 million worth of debt for the purchase of certain mining rigs.