Investors of Core Scientific Inc. (a top bitcoin mining firm in the United States) have apparently accepted a plan to list the company on the Nasdaq stock exchange.
Core Scientific Inc. began trading under the ticker symbol CORZ.
The newest member of the Nasdaq stock market
According to a recent report by Bloomberg, the blockchain infrastructure provider Core Scientific Inc. will proceed with a merger with the special-purpose acquisition company Power & Digital Infrastructure Acquisition Corp., which is expected to cost approximately $4.3 billion (ticker XPDI).
After reaching an all-time high of approximately $15 in November 2021, the price shares of the latter company have been on a downward trend thereafter. As a result, it has lost around 32 percent of its market value since then.
Mike Levitt, Co-Founder and CEO of Core Scientific Inc., provided the following remarks on the partnership:
“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.”
The Texas-based firm claimed to be the largest in the United States in terms of processing power, with a total mining capacity of 6.6 exahash at the end of last year much above its competitors. Marathon Digital Holdings, on the other hand, had a 3.5 exahash in December 2021, while Riot Blockchain came in third with a 3.1 exahash.
It’s also worth mentioning that Core Scientific mines for itself while simultaneously hosting other large-scale miners’ websites. Currently, the company has almost 5,300 BTC in its possession.
What’s the Status of the Rivals?
TerraWulf, a bitcoin miner based in the United States, obtained $200 million in debt and equity funding from a consortium of private and institutional investors a month ago to expand its mining capacity. In addition, the company indicated ambitions to merge with IKONICS Corporation to become a Nasdaq-listed public corporation (IKNX).
Marathon Digital, which is already a publicly-traded company, spent nearly $900 million on 78,000 Antminer S-19 XP Miners from Bitmain, a Chinese manufacturer. The apparatus will be delivered to the organization in the second half of 2022.
In the space, Riot Blockchain was also engaged. It paid $50 million for the electrical equipment provider Ferrie Franzmann Industries (also known as ESS Metron) in December of last year. As a result, the latter began supplying Riot’s new mining machines with a consistent infrastructure supply.
