Bitcoin Miner Core Scientific Completes Merger to Become Publicly Listed
Core Scientific, Inc has finalized a merger with Power & Digital Infrastructure Acquisition Corp (XPDI), with the resulting company trading under the CORZ ticker on the NASDAQ. The merger brings one of the largest bitcoin mining operations to the publicly traded market.
Core Scientific reported an estimated 67,000 ASIC machines resulting in a hashrate of 6.6 EH/s at the end of 2021. Additionally, the company hosts over 80,000 ASIC miners for third-party clients, resulting in a 6.9 EH/s hashrate.
The company reported mining 1,044 bitcoins in December, 2022, generating a total of 1,044 bitcoins in the 4th quarter alone. As of the end of the year, the company reported owning close to 5,300 bitcoins.
Core Scientific was founded in 2017 and has since built up a considerable amount of blockchain mining infrastructure. The company holds a multitude of intellectual property patents and applications related to digital asset hosted mining as well as self-mining solutions.
The merger with XPDI allowed the company to go public without the need for an official IPO, and the resulting common stock and warrants are now tradeable on the Nasdaq market under the tickers CORZ and CORZW.
“Entering the public markets represents a significant milestone in Core Scientific’s evolution, yet we are even more excited about the future opportunities for value creation,” stated CEO and Co-Chairman of Core Scientific, Mike Levitt. The statement also mentioned the future of the company.
As one of the largest publicly-traded blockchain infrastructure providers and digital asset miners in North America, we are focused on growing our capacity, defending and securing the blockchain ecosystem and building long-term shareholder value.
About Core Scientific
Core Scientific operates several mining locations across multiple states including Georgia, Kentucky, North Carolina, and North Dakota. The company reported that over 50% of the power consumed was generated by non-carbon emitting sources in September, 2021.
The company plans to continue its efforts in becoming carbon-neutral with further investments in renewable power as well as purchasing renewable energy credits as needed.