Core Scientific, a major U.S. bitcoin mining company, is going public via SPAC

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.

"We're all sold out. Every bit of infrastructure we can build — and we're the biggest — we have demand for," Levitt said. "We're basically sold out of capacity through 2022, and we're building more."Levitt, who invested in data centers in the 1990s during his private equity days, said Core's business model is a lot more than building massive warehouses with a bunch of computers that sit running 24/7.

One project is called "What to Mine." The AI-powered program developed by Core optimizes mining across the various bitcoin derivatives in order to reap the greatest return in that moment in time in the network. Core plans to funnel $300 million of net cash proceeds back into the company in order to fund growth.

Critics say cryptocurrency has a negative impact on the environment because of its massive use of energy. It is a concern that Core has prioritized since its launch. The company runs a 100% net carbon-neutral business, with 56% of its electricity coming from sustainable sources, including solar, wind, hydro and nuclear. The company buys carbon credits to offset the rest.

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