Crypto mining operator Core Scientific to go public by SPAC deal

Core Scientific, a cryptocurrency mining operator, said on Wednesday that it is listing on Nasdaq though an SPAC deal with Power & Digital Infrastructure Acquisition Corp.

The merger with the special purpose acquisition company values the crypto mining operator at roughly $4.3 billion.

The company which is one of the largest providers of blockchain infrastructure and hosting operates in North Dakota, North Carolina, Georgia, and Kentucky.

Darin Feinstein, co-founder and co-chairman said that the company’s “blockchain infrastructure business is unparalleled, backed by more than 70 blockchain and infrastructure-related patents and applications.”

Co-chairman and CEO Mike Levitt said in an interview that until now in 2021, Core has minted more than 3,000 bitcoin, including 1,683 for its own account

The company which primarily mints bitcoin generated $60 million in revenue in 2020 and expects $493 million in 2021.

Core is working on increasing capacity at its current sites and is also planning to build more facilities in one to two more states.

Levitt said that company operates about 80,000 rigs and will be operating well in excess of 300,000 miners by the end of 2022.

“We’re all sold out. Every bit of infrastructure we can build — and we’re the biggest — we have demand for,” Levitt said. “We’re basically sold out of capacity through 2022, and we’re building more.” 

(With inputs from CNBC)

Picture Credits: CNBC