Difference between Web 1.0, Web 2.0, Web 3.0 and 4.0
Cryptocurrency mining hardware maker Bitmain and bankrupt crypto mining firm Core Scientific have agreed on a combination of equity and cash to finalize the deal on expanding mining facilities. The deal involves Bitmain supplying 27,000 Bitcoin (BTC) mining rigs for $23 million in cash, along with $53.9 million worth of common stock of the bankrupt firm. Apart from the mining hardware purchase deal, Bitmain and Core Scientific have signed a new hosting arrangement to assist Bitmain’s mining operations.
In August, the restructuring plan was finalized which included Bitmain selling mining hardware in exchange for cash and equity. Apart from Bitmain, the restructuring plan also included Anchorage, BlockFi and Mass Mutual Asset Finance. All three firms chose a mix of cash and equity options to settle their claims.
The expansion and investment plan by Bitmain will be approved by the fourth quarter of 2023. The hardware will potentially add 4.1 exahashes to Core Scientific’s hash rate. The two crypto mining companies have also agreed to work together to upgrade Bitmain’s last-generation miners hosted at Core Scientific’s data centers to further increase the firm’s productivity.
In December 2022, Core Scientific filed for Chapter 11 bankruptcy, citing the financial crisis and the decreasing value of Bitcoin as the main factors behind its decision. Prior to its collapse, the company had been facing difficulties due to the market turmoil.
In order to understand the differences between Web 1.0, Web 2.0, Web 3.0 and Web 4.0, it is important to note the distinction between Web 3.0 and Web 2.0, Web 3.0 and Metaverse as well as the differences between Web 1.0, Web 2.0 and Web 3.0.Subscribe to our email newsletter to get the latest posts delivered right to your email.
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