$3.3B Bitcoin mining company Griid to list on NYSE via SPAC deal

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The company provides mining hardware for Bitcoin, Ethereum and other cryptocurrencies. It will also be continuing to develop new products in the future following a deal with SPAC, which is an American institutional investment firm.

The “what is mining bitcoin mean” is a question that has been asked many times. The “Griid to list on NYSE via SPAC deal” is a $3.3B Bitcoin mining company that will be listed on the New York Stock Exchange in an all-stock deal.

$3.3B Bitcoin mining company Griid to list on NYSE via SPAC deal

Adit EdTech Acquisition Corp, a special purpose acquisition company, or SPAC, stated on Tuesday that it will combine with Cincinnati-based Bitcoin (BTC) miner Griid at a $3.3 billion enterprise value in a filing with the US Securities and Exchange Commission. SPACs are corporations formed with the primary intention of purchasing other enterprises. Griid will list on the New York Stock Exchange under the ticker name GRDI after the transaction is completed. The transaction is scheduled to finalize in the first quarter of 2019.

Griid intends to mine 637 BTC this year, with a total hash rate of 187 petahash per second (PH/s) from all miners combined, according to its investor presentation. The business estimates that it will be able to mine 24,348 BTC per year by 2024, with a total hash rate of 26,180 PH/s. In comparison, the total hash rate of the Bitcoin network is now at 156,000 PH/s.

The company also claimed that new chips in its mining equipment can outperform the S19 Pro, one of the finest application-specific integrated circuit Bitcoin mining devices available. When compared to the S19 Pro, Griid claims that their patented machine is 15% more efficient, 50% less expensive, and generates 130 percent greater gross revenues each year. Approximately 70% of the company’s Bitcoin mining activities are now carbon-free.

GRIID’s CEO, Trey Kelly, made the following statement in response to the news:

We’re forming an American infrastructure corporation with the biggest committed, carbon-free power pipeline among public bitcoin miners at the lowest scaled production cost.

Adit EdTech CEO David Shrier added:

Bitcoin mining will be carbon-free in the future. GRIID’s enormous pipeline of low-cost, carbon-free energy, unique access to next-generation ASICs, and market-leading execution position them to deliver attractive profitability and growth.$3.3B Bitcoin mining company Griid to list on NYSE via SPAC deal

Griid business metrics | Source: Investor Presentation of the Company

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