$3.3 Billion Bitcoin Miner Griid to List on NYSE in SPAC Deal

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

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