Bitcoin mining firm Core Scientific is going public via SPAC in a $4.3 billion deal

mining core scientific firm spac
Middle East

Bitcoin mining firm Core Scientific is going public via SPAC in a $4.3 billion deal

Core Scientific, one of North America's largest , is going public via a SPAC merger in a deal that values the combined entity at $4.3 billion, the firm said in a Wednesday . The mining firm will merge with , whose anchor investor is BlackRock. Following the transaction, the combined company will operate as Core Scientific and trade on the Nasdaq exchange. Core Scientific owns four US facilities where it operates proprietary mining facilities and hosts and other digital asset mining hardware for customers. The company said it operates with 100% net carbon neutrality through using clean energy inputs and purchasing renewable energy credits. The proceeds from the SPAC merger are expected to fund mining equipment purchases of and infrastructure build out. The firm mined 755 bitcoin in the first quarter of 2021. Publicly traded competitor Marathon Digital Holding's mining fleet produced 196 newly minted bitcoins during the same period. Core Scientific also estimates it will boast a mining capacity of 510 megawatts by the end of the year through its four facilities. For the first half of 2021, Core Scientific has mined 1,683 bitcoins total. The merger is expected to be completed in the fourth quarter of 2021. Shares