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

Core Scientific Inc., a prominent US bitcoin mining company, has reportedly approved plans to be listed on Nasdaq. The symbol CORZ was used to start trading.

The Newest Nasdaq Member

Bloomberg reports that Core Scientific Inc., a blockchain infrastructure provider, will merge with Power & Digital Infrastructure Acquisition Corp. (ticker XPDI) to make an estimated $4.3Billion in acquisitions.

After reaching an all-time high near $15 in November 2021, the price shares of the latter have been in a downward trend. It has lost 32% of its value since then.

Mike Levitt, Co-Founder and CEO at Core Scientific Inc., spoke about the partnership.

“We have worked hard to create the foundation that will allow us to reach our 2022 projections. Our goal is to be the best. To be the best, we must do everything we can to help our industry, our customers, and the bitcoin network.

The Texas-based company claimed it is the USA’s largest processor power, with 6.6 exahash of combined mining power at the end last year. This was significantly more than its competitors. Marathon Digital Holdings was second with a 3.5 exahash, and Riot Blockchain third with a 3.1 exahash.

Core Scientific also provides internet hosting services to large-scale miners. The entity currently has a stockpile that amounts to nearly 5,300 BTC.

What are the Rivals doing?

TerraWulf, an American bitcoin miner, raised $200 million in equity and debt financing last month from a group institutional and individual investors to increase its mining capacity. The firm also announced plans to merge with IKONICS Corporation, (IKNX) and become a Nasdaq listed public company.

Marathon Digital, already a publicly traded entity, spent nearly $900 million to purchase 78,000 Antminer XP miners from Bitmain, a Chinese manufacturer. The machinery will be delivered to the organization in the second half 2022.

Riot Blockchain was also active within the space. It purchased Ferrie Franzmann Industries, an electrical equipment provider (also known as ESS Metron), for $50 million in December 2017. The latter provided a stable supply of infrastructure for Riot’s new mine machines.

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Marla Brooks

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