North American cryptocurrency mining company Core Scientific has announced plans to be listed publicly on the Nasdaq.
Core Scientific Will Trade on the Nasdaq Soon
The company is the latest in a huge string of crypto and blockchain-related companies to become publicly traded entities. Popular cryptocurrency exchange Coinbase arguably started this trend in mid-April and debuted on the Nasdaq with stock shares trading for more than $300 each. From there, several others decided to follow suit, with digital payment platform Circle being the next in line, and most recently crypto trading app Robinhood saying that it will do the same.
Core Scientific will merge with a company known as Power & Digital Infrastructure Acquisition Corp., thereby bringing its valuation to more than $4 billion. At the time of writing, details are scarce, as not even the ticker name or an initial trading date has been announced, though traders can likely expect things to ramp up in the next few months.
At the time of writing, Core Scientific boasts data houses in several states including North Dakota, Georgia, North Carolina, and Kentucky. It is one of the largest suppliers of digital mining power and equipment in North America and faces major competition from only two separate entities including Riot Blockchain and Marathon Digital, which are valued at just over $2 billion each.
Darin Feinstein – co-founder and co-chairman of the company – explained in a recent interview:
[Core’s] blockchain infrastructure business is unparalleled, backed by more than 70 blockchain and infrastructure-related patents and applications.
North American bitcoin mining operations are likely to become much larger over the coming months now that they are facing significantly less competition from the likes of China, their rival to the east.
China has been on a serious mission to become more environmentally friendly over the past few months and is purging itself of all crypto mining operations thanks to new orders from the country’s capital of Beijing. The maneuver has left many operation managers displaced, and several are looking at states like Florida and Texas to set up new companies.
In 2021 alone, Core minted more than 3,000 new bitcoin units, over 1,600 of which went straight to its corporate account. Co-chairman Mike Levitt explained in a recent discussion that this is considerably more than many other bitcoin operations on the continent, with the likes of both Marathon and Riot Blockchain, for example, producing only 846 and 1,167 new units, respectively.
More Popular Than Ever?
The company has also sold out of nearly all its mining rigs, and customers will need to wait until the following year if they are to obtain more. Levitt says:
We are all sold out. Every bit of infrastructure we can build – and we are the biggest – we have demand for. We are basically sold out of capacity through 2022, and we are building more.
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Source: Live Bitcoin News