Core seeks to settle $80m claims at a 46% discount
Also, a new U.S-designed bitcoin ASIC
As discussed in a June issue, Core Scientific has laid out a bankruptcy exit plan that is aimed at expanding to 370 MW of bitcoin mining capacity towards the end of 2025. In another step closer to the exit, Core filed motions in July seeking court orders approving settlement agreements with four infrastructure suppliers who previously submitted claims of $80 million against the mining giant.
The agreements, if approved, will let Core settle the $80 million worth of claims at a 46% discount with cash payments and promissory notes. Other interesting details of the agreements include a hashprice trigger and previous engagements of the suppliers in Core’s Cottonwood facilities, which will be the main engine for its planned 200 MW growth.
Read this new post from TheMinerMag for more color.
In other news, over the last week, Marathon-invested Auradine announced its in-house designed bitcoin ASIC and system running on a 4nm technology from unspecified fabs. This is the newest bitcoin ASIC designed by a U.S. company after Intel’s short-lived effort. Auradine also mentioned a patent-pending technology called EnergyTune, which is said to allow the miners to autotune themselves in response to various parameters such as the demand response needs from electrical grids.
(“Patents” and “demand response” contracts remind us of the lawsuits involving Lancium - a story for another time :) )
Regulation News
Power theft operation in Miri uncovers crypto mining activities - The Borneo Post
Hardware and Infrastructure News
Sazmining to Open Green Bitcoin Mining Facility in Paraguay, Tap Itaipu Dam - Decrypt
Stronghold Purchases 2,000 New A1346 Bitcoin Miners From Canaan - Link
Marathon-invested Auradine Unveils 4nm Bitcoin Mining Systems - Link
ePIC Blockchain Announces UMC Support for M30 and M50 Series - Link
Corporate News
Q2’23 Earnings Season is Coming. Here’s the Schedule in August - TheMinerMag
CleanSpark Reaches New Hashrate High of 8.5 EH/s - Link
Soluna Hits New Heights Approaching 2 EH/s in Bitcoin Hashrate - Link
Finance News
Jihan Wu’s Bitdeer launches fund to mine bitcoin in Bhutan - The Block
Feature
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Riot Platforms at the Heart of Texas' Debate Over Bitcoin Mining’s Effect on the Grid - CoinDesk
How Texas became the center of U.S. chipmaking - CNBC
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