'Green' Bitcoin (BTC) miner Griid to go public

Wed 01 Dec 2021 ▪ 7h05 ▪ 3 min read — by Rudy Bauer

Mining organisation Griid Infrasture LLC has announced that it intends to go public following its merger with Adit EdTech Acquisition Corp. The merged company will have a market capitalisation of approximately $3.3 billion (~£2.5 billion).

Merger between Griid and Adit EdTech

Griid Infrasture LLC, a green BTC mining company, is set to go public, SiliconANGLE reports. It’s set to do so after a merger with Adit EdTech Acquisition Corp. The result will be a combined company with a market capitalisation of about $3.3 billion.

Previously, NYSE-listed Adit EdTech raised $246 million (~£185 million), which will be transferred to Griid along with $525 million (~£394 million) in loan funds. The money will be needed to fund Griids’ growth and accelerate the development of the combined company.

Environmentally friendly mining

Griid Infrasture LLC is based in Cincinnati, Ohio. This vertically integrated company specialises in Bitcoin mining. It not only has the equipment to mine the cryptocurrency, but also the infrastructure to generate electricity.

Griid is positioned as an environmentally friendly company that supports the development of carbon-free energy sources. By 2023, the organisation will be able to generate around 743 megawatts of electricity in-house. This will be increased to 1,300 megawatts in the future.

Representatives of the company assure that through a smart approach, they will be able to mine Bitcoin at minimal cost. Using clean energy, each BTC will cost Griid less than $6,255 (~£4,695).

The use of carbon-free power sources is not the only advantage of Griid. The company is known to have developed unique chips for its mining equipment, which surpass the performance capabilities of the S19 Pro. According to employees, the new development is 15% more efficient, 50% cheaper and generates 130% more gross profit per year.

I think that with such an approach to business organisation, the company will have a successful future. A strong start-up capital of an impressive $3.3 billion will be a good boost for the company. We will follow the development of the merged company.

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Rudy Bauer

Photographe, Vidéaste, webdesigner et enfin rédacteur pour CoinTribune: l'image, le digital et la blockchain sont mon dada.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

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