North America’s Largest Bitcoin Miner Goes Public With a SPAC Merger (Report)

Original author: Dimitar Dzhondzhorov

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Investors of Core Scientific Inc. (a leading US bitcoin mining company) have reportedly approved a plan to get listed on Nasdaq. The firm started trading under the symbol CORZ.

Nasdaq’s Newest Member

According to a recent report by Bloomberg, 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).

The latter’s price shares have been on a downtrend after peaking to an all-time high of nearly $15 in November 2021. Since then, it has lost approximately 32% of its valuation.

Speaking on the partnership was Mike Levitt – Co-Founder and CEO of Core Scientific Inc.:

“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 company assured it 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.

It is also worth noting that Core Scientific mines for itself and provides Internet hosting services for other large-scale miners. Currently, the entity has a stockpile of nearly 5,300 BTC.

How Are The Rivals Doing?

A month ago, the American bitcoin miner – TerraWulf – 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).

In turn, Marathon Digital, which is already a publicly-traded entity, 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.

Riot Blockchain was also active in the space. In December last year, it purchased the electrical equipment provider – Ferrie Franzmann Industries (known as ESS Metron) for $50 million. As a result, the latter started providing a steady infrastructure supply for Riot’s new mining machines.