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Bitcoin Miner Core Scientific to Go Public in $ 4 Billion Deal as U.S. Crypto Mining Rises Amid China Crackdown




Top line

Core Scientific, one of the largest cryptocurrency miners in the United States, on Wednesday announced plans to list on the Nasdaq stock exchange under a deal that values ​​the company from four years to 4, $ 3 billion, the latest sign of the country’s growing importance as a hub for bitcoin mining. Only expected to rise if long-time market leader China continues to crack down on space.


Within the framework of the agreement, which is still subject to shareholder approval, Core will merge with special purpose acquisition company Power & Digital Infrastructure and receive approximately $ 345 million to invest in additional equipment and infrastructure.

The Washington-based company, which also sells hosting and blockchain hardware, revealed it expects total revenue of $ 493 million and adjusted profit of $ 203 million this year, followed by revenues of $ 1.1 billion and profits of almost $ 600 million in 2022.

Core mined 1,683 bitcoins, with a current value of around $ 53 million, during the first half of the year from facilities in Georgia, Kentucky and North Carolina; a fourth warehouse is under construction in North Dakota.

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Existing shareholders are expected to retain all of their existing equity, totaling approximately 89%, in the combined company.

Earlier Wednesday, Argo Blockchain, another cryptocurrency miner that already trades on the London Stock Exchange, also ad plans to start trading in the United States, saying it has filed a confidential prospectus with the Securities and Exchange Commission for a listing proposal.

Key context

The United States quickly became the second largest bitcoin mining center in the world. According to the University of Cambridge The data, nearly 17% of all bitcoin mining globally occurs in the United States, about three times more than its share just a year ago. Meanwhile, China’s share fell to 45% from 80%. That number is only expected to drop as more provinces announce sweeping plans to ban crypto mining to reduce environmental risks. China’s Anhui province last week became the latest region to block the practice to help alleviate expected power shortages.

Crucial quote

Over the past 18 months we have seen significant growth in mining infrastructure in the United States, Darin Feinstein, Founder of Core Scientific, Told CNBC last week. We have noticed a massive increase in mining operations seeking to relocate to North America, primarily the United States


Billionaire Michael Saylor, longtime executive at data analytics firm MicroStrategy, rented the Core and Argo listings in tweets on Wednesday, claiming that publicly traded bitcoin miners will bring “financial capital, technical facilities and credibility” to the global cryptocurrency network and “improve bitcoin as an asset institutional”. As of Wednesday, MicroStrategy has around 92,079 bitcoin worth over $ 3.2 billion, making it the company with the largest bitcoin investment in the world.

Further reading

Bitcoin Alert: Largest Private Crypto Transaction Ever (Forbes)

Bitcoin, Ethereum, and Cardano among top cryptocurrencies to fall as China expands mining crackdown (Forbes)




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