Core Scientific partners with Foundry, garners financing raise of $23 million for mining equipment

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.


Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

“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.

About Author

MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University's Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.