Bitcoin Mining Firm Core Scientific Lists In Nasdaq Through A SPAC Merger
Bitcoin mining company Core Scientific Inc. started trading on Nasdaq through a merger with Power & Digital Infrastructure Acquisition Corp. The value of the deal was estimated at $4.3 billion.
Investors of Core Scientific Inc. reportedly approved a plan to get listed on Nasdaq. The firm is trading under the symbol CORZ.
According to a Bloomberg report, the blockchain infrastructure provider, Core Scientific Inc., will proceed through an estimated $4.3 billion merger with the special-purpose acquisition company Power & Digital Infrastructure Acquisition Corp. (ticker XPDI).
Power & Digital Infrastructure Acquisition Corp’s shares have been on a downtrend, losing 32% of its valuation after peaking to an all-time high of nearly $15 in November 2021.
Co-Founder and CEO of Core Scientific Inc commented on the partnership:
“We’ve worked hard to lay the groundwork that will enable us to achieve our 2022 projections. Our objective is to be the best. Being the best means doing all that we can for our business, the industry in which we participate, and for the bitcoin network.”
The Texas-based Core Scientific Inc. is the largest in the USA in terms of processing power as its combined mining capacity of 6.6 exahash at the end of last year significantly surpassed its rivals. In comparison, Marathon Digital Holdings had a 3.5 exahash in December 2021, while Riot Blockchain was third with 3.1 exahash.
Core Scientific also mines for itself and provides Internet hosting services to other large-scale miners. The company currently holds approximately 5,300 BTC.
Other recent Bitcoin mining deals
Another American-based bitcoin miner, TerraWulf, last month raised $200 million in debt and equity financing from a group of individual and institutional investors to expand its mining capacity. Furthermore, the firm revealed plans to become a Nasdaq-listed public company through a business combination with IKONICS Corporation (IKNX).
Nasdaq-listed, Marathon Digital, spent almost $900 million to acquire 78,000 Antminer S-19 XP Miners from the Chinese manufacturer – Bitmain. The organization will receive the machinery in the second half of 2022.
Last December Riot Blockchain purchased the electrical equipment provider, Ferrie Franzmann Industries (known as ESS Metron) for $50 million, with the purpose of ensure a steady infrastructure supply for Riot’s new mining machines.
