Crypto miner Core Scientific to list on Nasdaq
By Dan Moore
14:19, 21 July 2021
Cryptocurrency miner Core Scientific is to list on Nasdaq following a merger with Power & Digital Infrastructure Acquisition.
As a result of the deal with the special acquisition company (SPAC), the mining firm has achieved a valuation of roughly $4.3bn, with the transaction expected to close in Q4.
Crypto-miner capitalises on successes
Core Scientific, one of the largest blockchain infrastructure and hosting operations in North America, now has a greater market capitalisation than competitors Riot Blockchain and Marathon Digital, at $2.43bn and $2.44bn respectively.
Core Scientific focuses on bitcoin and has enjoyed two highly successful years. It revealed $60m revenue for 2020 and expects 2021 to be even better, with $493m generated.
The company has minted more than 3,000 bitcoins so far in 2021, including 1,683 for its own account. The miner currently operates out of sites in Georgia, Kentucky, North Dakota and North Carolina, but is seeking to expand on the burgeoning bitcoin market by expanding its operations in at least one other state.
There has been criticism of bitcoin miners for the energy they use – Core Scientific will have 510MW of capacity by the year end. However, the company says it intends to maintain 100% net carbon-neutral operations through a combination of clean energy inputs and the purchase of renewable energy credits.
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Commenting on the company’s prospects, Core Scientific co-founder and CEO Mike Levitt said: "We are excited to enter into the transaction at a significant inflection point in Core Scientific's growth trajectory and in the advancement of blockchain technology.
"We have built the largest blockchain-hosting provider and digital-asset miner in North America. Our diversified business is positioned to continue supporting the growth and adoption of digital assets globally.
"We are successfully leveraging our first-mover advantage, scale, proprietary designs and software, network of strategic relationships, and culture of innovation to create value for our customers and stakeholders.”
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