$3.3B Bitcoin mining company Grid will be listed on the New York Stock Exchange through SPAC trading

In the filing with the U.S. Securities and Exchange Commission on Tuesday, Special Purpose Acquisition Company, Or SPAC, Adit EdTech Acquisition Corp, Announce It will work with Bitcoin in Cincinnati (Bitcoin) Miner Grid, whose corporate valuation is US$3.3 billion. SPAC is a blank cheque company created to acquire other companies. After the transaction is completed, Grid will be listed on the New York Stock Exchange under the ticker symbol GRDI. The transaction is expected to be completed in the first quarter of next year.

according to In its investor presentation, Grid expects to mine 637 BTC this year, totaling Hash rate 187 petahash (PH/s) per second from all miners. By 2024, the company expects to mine 24,348 BTC per year, and the total hash rate will exceed 26,180 PH/s. In context, as of today, the total hash rate of the entire Bitcoin network is approximately 156,000 PH/s.

The company also claims that the newly designed chip in its mining machine can surpass one of the best ASIC bitcoin mining equipment, the S19 Pro. Comparing its proprietary machine with the S19 Pro, Grid claims that its efficiency has increased by 15%, it is 50% cheaper, and its annual gross profit has increased by 130%. Currently, about 70% of the company’s Bitcoin mining business is carbon-free.

Trey Kelly, CEO of GRIID, issued the following statement regarding the development project:

We are building an American infrastructure company to provide the largest promised, carbon-free power pipeline among public Bitcoin miners at the lowest scale production cost.

Adit EdTech CEO David Shrier added:

Carbon-free mining is the future of Bitcoin. GRIID combines a large number of low-cost, carbon-free energy sources, unique access to next-generation ASICs, and market-leading execution, enabling them to generate attractive profitability and growth.

Grid business indicators | Source: Company investor introduction