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Core Scientific a Bitcoin mining company values at $4.3 billion and is listing on Nasdaq



Core Scientific a Bitcoin mining company values at $4.3 billion and is listing on Nasdaq

A major U.S. Bitcoin mining company Core Scientific today announces its listing on Nasdaq through a merger with Power & Digital Infrastructure Acquisition Corp. The deal values the company Core Scientific at $4.3 billion (roughly).

Core Scientific has operations in North Dakota, North Carolina, Georgia, and Kentucky. It is one of the largest digital asset miners in North America.

Core’s “blockchain infrastructure business is unparalleled, backed by more than 70 blockchain and infrastructure-related patents and applications,” said Darin Feinstein, co-founder and co-chairman.

According to CNBC, Core Scientific has generated $60 million in revenue in 2020 and anticipates $493 million this year. However, it has declined to disclose net income or loss.

Mike Levitt, the co-chairman and CEO said in an interview that, “So far in 2021, Core has minted more than 3,000 bitcoin, including 1,683 for its own account.”

Core is adding capacity at its existing sites and is looking to build more facilities in potentially one to two more states. It operates about 80,000 rigs, and by the end of 2022, will be operating well in excess of 300,000 miners, according to Levitt.

Disclaimer: Koinalert’s content is only for information purpose in nature and should not be considered as investment advice. Do your own market research before investing in any cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.

Ashish is a cryptocurrency journalist who has been passionately involved in the bitcoin space since 2016. His interests lie in bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.