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Core Scientific’s crypto mining operation has announced a collaborationwith Foundry, a mining space funding and consulting firm.
According to a press release, the investment arrangement between the two organisations requires as much as $23 million to be tapped.The proceeds would be used both by themselves and for clients to buy mining equipment. Essentially, Core Scientific plans to use Foundry support to extend the mining hardware fleet.
“Foundry’s investment will allow Core Scientific to continue expanding in North America while providing more hashpower to our existing and future clients,” said Kevin Turner, CEO of Core Scientific, in a statement. “This is a partnership between two of the biggest names in the mining industry and will further establish North America as a leading destination in the mining space.”
Core Scientific obtained $12 million for mining equipment from the $23 million in grants, and the remaining $11 million were for Core Scientific’s customers’ mining equipment.