Core Scientific Inc. (a top US bitcoin mining firm) shareholders have reportedly endorsed a plan to list the company on the Nasdaq stock exchange. The company began trading under the acronym CORZ.
According to a recent Bloomberg report, Core Scientific Inc. will merge with the special purpose acquisition company Power & Digital Infrastructure Acquisition Corp. (XPDI) for an estimated USD 4.3 billion deal. After reaching an all-time high of approximately USD 15 in November 2021, the XPDI shares are now on a downward trend. It has lost around 32 percent of its value since then.
The Texas-based Core Scientific Inc claimed to be the biggest 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. The competitor’s Marathon Digital Holdings has a capacity of 3.5 exahashes and Riot Blockchain has a capacity of 3.1 exahashes only.
Core Scientific Inc also mines for itself while simultaneously providing Internet hosting services to other large-scale miners. The company now holds a store of almost 5,300 BTC.
The competitor which includes Marathon Digital is already a publicly listed company. Marathon Digital spent over USD 900 million to purchase 78,000 Antminer from Chinese manufacturer Bitmain. Antminers are nothing more than Bitcoin mining hardware. Also, Riot Blockchain invested USD 50 million in purchasing electrical infrastructure for its new mining machines.