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The largest Bitcoin miner in North America, Core Scientific Inc, is set to go public. Investors have approved a $4.3 billion merger with a Special Purpose Acquisition Company (SPAC).
The Texas-based Bitcoin mining firm will merge with Power & Digital Infrastructure Acquisition Corp.
Core Scientific is going public
Core Scientific is the largest Bitcoin mining firm in terms of processing power. The company mines crypto for itself, and it also offers internet-hosting services to leading miners connected to its data centres. The company will start trading on NASDAQ on Thursday under the ticker CORZ.
The shares of Power & Digital have not been performing well in recent weeks. The shares started their downtrend towards the end of November after hitting a record high of nearly $15.
Core Scientific accounts for a significant market share of the Bitcoin mining market because of working with large miners. Around 50% of the firm’s revenues are derived from this activity. Additionally, BlackRock Inc, the largest asset management firm globally, will also be part of the SPAC deal.
The CEO of Core Scientific, Mike Levitt, commented on this deal, saying, “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.”
Towards the end of last year, the mining capacity for Core Scientific stood at 6.6 Exahash. This metric calculates for the company’s own computational power. Hosted customers account for 6.9 exahash, bringing the total to 13.5 exahash. The company’s Bitcoin holdings also stood at 5296 BTC.
Core Scientific’s processing power is significantly higher than that of its competitors. Marathon Digital Holdings Inc accounted for a 3.5 exahash rate by the end of 2021, while Riot Blockchain accounted for 3.1 exahash.
Bitcoin mining activities
Bitcoin mining activities are fully recovering after being gravely affected last year after China imposed a blanket ban on mining. Last week, the Bitcoin network mining difficulty and the mining hash rate hit an all-time high.
However, a disruption on this could be looming, given recent reports that the Russian Central Bank is considering imposing a ban on mining. Russia is estimated to be the third-largest Bitcoin mining country in terms of hash rate. The European Union is also recommending a ban on proof-of-work crypto mining.
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