Investors in Core Scientific Inc. (a major US bitcoin mining company) have reportedly approved a plan to list on Nasdaq. The company 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 actions have been trending lower after hitting an all-time high near $15 in November 2021. Since then, it has lost around 32% of its valuation.
Speaking on the partnership was Mike Levitt – Co-Founder and CEO of Core Scientific Inc.:
“We have worked hard to lay the foundation that will allow us to achieve our 2022 projections. Our goal is to be the best. Being the best means doing everything we can for our business, the industry we participate in 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 should also be noted that Core Scientific is mining for itself and providing internet hosting services to other large-scale miners. Currently, the entity has a stock 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 machines 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.
