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<ul class="summary-list"><li><keyword id="6289215" type="UNKNOWN" weightage="60" keywordseo="Crypto-Mining">Crypto mining</keyword> firm <keyword id="11699433" type="UNKNOWN" weightage="60" keywordseo="core-scientific">Core Scientific</keyword> is going public via a SPAC in a deal that values the combined entity at $4.3 billion.</li><li id="recirc"><a href="https://www.businessinsider.com/?hprecirc-bullet"></a>The <keyword id="6355267" type="UNKNOWN" weightage="60" keywordseo="mining">mining</keyword> firm will merge with Power and Digital Infrastructure Acquisition Company.</li><li>Core Scientific operates proprietary mining facilities and hosts digital asset mining hardware for customers. </li></ul>Core Scientific, one of North America's largest <a href="https://markets.businessinsider.com/currencies/news/bitcoin-mining-energy-cost-environmental-sustainable-consumption-network-profitability-crypto-2021-3">crypto miners</a>, 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 <a href="https://www.prnewswire.com/news-releases/core-scientific-the-largest-blockchain-hosting-provider-and-digital-asset-miner-in-north-america-to-list-on-nasdaq-through-merger-with-power--digital-infrastructure-acquisition-corp-301338591.html">announcement</a>. The mining firm will merge with <a href="https://markets.businessinsider.com/stocks/xpdi-stock">Power and Digital Infrastructure Acquisition Company</a>, 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 <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a> 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 <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">bitcoin</keyword> 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 of Power and Digital Infrastructure Acquisition Company have jumped as high as 2% since the close Tuesday before the transaction was announced.

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

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

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