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Crypto miner Core Scientific to go public via $4.3 bln SPAC deal

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Core Scientific Holding Co said on Wednesday it would go public through a merger with a blank-check company backed by BlackRock Inc (BLK.N), in a deal that values the cryptocurrency miner at $4.3 billion.

The deal with Power & Digital Infrastructure Acquisition Corp (XPDI.O) will fetch $300 million in cash proceeds, but the companies did not disclose a private investment in public equity (PIPE) round that typically accompanies blank-check mergers.

Core Scientific said it had mined 928 bitcoins in the second quarter and forecast revenues of $493 million and $1.1 billion for fiscal 2021 and 2022, respectively.

The company said it was 100% net carbon neutral and aims to remain so as it grows. Bitcoin is virtual but mining the asset consumes a lot of energy as it is created using high-powered computers around the globe.

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