Crypto mining operation Core Scientific has announced a partnership with Foundry, a financing and advisory company for the mining space.
The financing deal between the two firms enables as much as $23 million to be tapped, per a press release. The funds will be used to purchase mining equipment for itself as well as for clients. In essence, Core Scientific plans to use Foundry’s financing to grow its fleet of mining hardware.
“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.”
Of the $23 million in financing, Core Scientific received $12 million for mining equipment and the remaining $11 million is for the mining equipment of Core Scientific’s clients.