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TMCNet:  Core Scientific Partners with Arctos Capital to Facilitate 1.8M in Capital Leases for Mining Equipment

[October 01, 2020]

Core Scientific Partners with Arctos Capital to Facilitate 1.8M in Capital Leases for Mining Equipment

BELLEVUE, Wash., Oct. 1, 2020 /PRNewswire/ -- Core Scientific, the leading blockchain hosting provider in the United States, announced it has partnered with commercial lender Arctos Capital, who has provided an initial $1.8M in equipment lease financing for clients' purchase of new-generation Bitmain S19 Antminers that will be hosted in Core Scientific's facilities. This partnership establishes a new lease financing model for the mining industry and strengthens Core Scientific's position as a leader in the North American mining space.

North America has proven to be a desirable place for mining companies to operate due to its energy infrastructure, financial resources, and evolving regulatory clarity. As many countries compete to emerge as a leader in the mining space, North America continues to grow into a major hub for mining operations. The financing from Arctos Capital will provide more access to the ideal mining environment that exists in North America.

Kevin Turner, CEO of Core Scientific said, "This partnership is an important step for the mining industry, as it will enable more players to access new-generation miners and expand the mining ecosystem. We also see a lot of opportunities working alongside a company that is also looking to accelerate the mining industry in North America. I'm confident this will be a long term partnership."

Trevor Smyth, Managing Partner at Arctos Capital, commented: "Core Scientific has the proven ability to operate efficient facilities at scale for miners in North America. Our lease structures offer a straightforward and efficient way for miner's to access capital, and we feel safe knowing that the equipment we are financing is in good hands at Core's facilities. We look forward to growing the relationship and rapidly scaling in the coming months."

This partnership follows other major developments for Core Scientific including Core Scientific's recent partnership with investment manager Horizon Kinetics that expanded investment in next generation digital mining equipment, and Core Scientific's recent purchase of approximatel 18,000 digital mining machines from Bitmain.

For more information, please visit https://www.corescientific.com.

Core Scientific Senior Vice President of Blockchain Business Development Taras Kulyk and Arctos Capital Managing Partner Trevor Smyth are available for interview.

About Core Scientific:
Core Scientific is the leader in customizable infrastructure and software solutions for Artificial Intelligence and Blockchain. It recently purchased over 17,000 of the latest generation cryptocurrency miners from Bitmain on behalf of many customers including hedge funds and other financial services companies, making it the largest purchase of mining equipment by a single hosting company to date. Through its recently established partnership with Bitmain, Core Scientific has also launched the first Antminer Training Academy outside of China. This newly launched academy allows more North America-based participants access to Bitmain's miner maintenance training and accreditation service.  Using state-of-the-art facilities, patent pending technology and best-in-class blockchain hosting solutions, Core Scientific is primed to power leading edge servers for large scale operations and the most complex deep learning AI challenges. To learn more, visit www.corescientific.com.

About Arctos Capital:
Arctos Capital is a technology-driven commercial lender that provides financing solutions to bitcoin holders, investors, and mining businesses. In addition to its lending operations, Arctos Capital manages a private fund that provides accredited investors access to non-correlated, high-yield credit opportunities.

 

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SOURCE Core Scientific


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