Is the era of micro-cap Memecoin over?
The memecoin’s dominance has been trending upward since 2021. Elon Musk’s involvement in the cryptocurrency zeitgeist was at its peak at the time, and he was very fond of promoting Dogecoin.
JinseFinanceLog in/ Sign up
$3.3 Billion Bitcoin Miner Griid to List on NYSE in SPAC Deal
Follow
In a filing with the U.S. Securities and Exchange Commission (SEC) on Tuesday, special purpose acquisition company (SPAC) Adit EdTech Acquisition Corp announced that it will merge with Cincinnati-based bitcoin miner Griid at an enterprise valuation of $3.3 billion. . A SPAC is a blank check company formed to acquire other companies. Upon completion of the transaction, Griid will be listed on the New York Stock Exchange under the ticker symbol GRDI. The deal is expected to close in the first quarter of next year.
According to its investor presentation, Griid expects to mine 637 BTC this year, with a combined hash rate of 187 PH/s from all miners. By 2024, the company expects to mine 24,348 BTC per year, with a total computing power of more than 26,180 PH/s. Against this backdrop, as of Tuesday, the total hashrate of the entire Bitcoin network was around 156,000 PH/s.
The company also claims that the newly designed chips in its miners can outperform the S19 Pro, one of the best ASIC bitcoin mining rigs out there. Compared to the S19 Pro, Griid says its proprietary machine is 15% more efficient, 50% less expensive, and generates 130% more gross profit per year. Currently, about 70% of the company’s bitcoin mining operations are carbon-free.
Griid CEO Trey Kelly issued the following statement on the development:
We're building an American infrastructure company with the largest committed carbon-free energy pipeline among public Bitcoin miners, at the lowest cost to produce at scale.
Adit EdTech CEO David Shrier added:
Carbon-free mining is the future of Bitcoin. Griid's low-cost carbon-free energy pipeline, next-generation ASICs, and market-leading execution enable it to generate attractive profitability and growth.
Griid Business Metrics | Source: Company Investor Presentation
Cointelegraph Chinese is a blockchain news information platform, and the information provided only represents the author's personal opinion, has nothing to do with the position of the Cointelegraph Chinese platform, and does not constitute any investment and financial advice. Readers are requested to establish correct currency concepts and investment concepts, and earnestly raise risk awareness.
Gain a broader understanding of the crypto industry through informative reports, and engage in in-depth discussions with other like-minded authors and readers. You are welcome to join us in our growing Coinlive community:https://t.me/CoinliveSG
Add Comment
LoginLeave your comments
0 Comments
Earliest
Load more comments
More news about griid cap
- 仮想通貨マイニング企業クリーンスパーク 同業のGRIIDを買収BullishBearish
- CleanSpark acquires Bitcoin miner GRIID for $155 millionBullishBearish
- CleanSpark acquires GRIID for $155M stock transactionBullishBearish
- Bitcoin miner GRIID debuts on Nasdaq under ‘GRDI’ tickerBullishBearish
- Bitcoin miner GRIID makes NASDAQ debut after SPAC mergerBullishBearish
- Bitcoin mining company GRIID begins trading on NasdaqBullishBearish
- 永续合约协议 CAP 出售 100 万枚 ARBBullishBearish
More news about griid cap
- JinseFinance
Cryptocurrency market cap exceeds $2.5 trillion, Rune market cap falls below $1.9 billion
Golden Finance launches the 2358th issue of "Golden Morning 8", a morning report on the cryptocurrency and blockchain industry, to provide you with the latest and fastest news on the digital currency and blockchain industry.
JinseFinanceTurbo Memecoin: From Joke to $638M Market Cap
Turbo, a memecoin born from ChatGPT, defies expectations, soaring to a $638 million market cap in just a year. Its decentralized nature and community-driven approach contribute to its impressive growth, highlighting the power of unconventional projects in the crypto space.
Xu LinGRIID Marks NASDAQ Entry Post SPAC Merger
GRIID's NASDAQ debut marks cryptocurrency's integration into mainstream finance, signaling industry dynamism. Caution advised in the evolving landscape.
Xu LinCoinbase Sets 10x Cap on Perpetual Futures Leverage
Coinbase International Exchange imposes a 10x leverage limit on popular perpetual futures, impacting major cryptocurrencies. Traders face market adjustments, with BTC, ETH, LTC, SOL, and XRP showing declines. Risk management measures include DIM requirements, regularly reviewed to balance access and systemic risks. The exchange, launched in Bermuda, emphasizes regulatory compliance and transparency.
SanyaHow The Ethereum Rally Is Propping Up Large Cap Cryptocurrencies
Data shows the large cap cryptos have been outperforming the others this month so far, thanks to Ethereum's latest rally. ...
BitcoinistCan Blockify- Topple Facebook, Twitter and Coin Market Cap?
Decentralized social network Blockify creates communities for cryptocurrency and NFT projects and allows blockchain-based online social media. The evolution of ...
Bitcoinist[Coinlive] Mid-2022's Top 5 Cryptocurrencies by Market Cap
CatherineBitcoin Breaks Past $30K As Crypto Market Cap Sees $60-B Inflow In 24 Hours
Since November 2021, when it reached a record peak, the market capitalization of all cryptocurrencies has decreased by more more ...
BitcoinistStreamCoin ICO Ends With a Secured Soft Cap, 100+ Exchange Listings To Follow in May
Nulltx