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After the vertically integrated Bitcoin mining company Griid disclosed that it had obtained a credit line of US$525 million from Blockchain.com, the company disclosed its plan to open it to the public through a special purpose acquisition company (SPAC) transaction. After merging with the company channel Edtech, Grid will be listed on the Big Apple Exchange (NYSE).
Merger of Grid and Adit Edtech Acquisition Crop
Grid Infrastructure currently operates three mining facilities in the United States and plans to have 734 megawatts (MW) of operating capacity by 2023. On Tuesday, the company announced that it had entered a major SPAC, traumatizing the company’s adoption of Edtech Acquisition Crop. After the merger, the total price of the two companies can reach 3.3 billion US dollars. Great has founded a recently established company, so Great’s parent company is called Great Holding Co., Ltd., so the company will not be inherited through Edtech.
Grider explained that the company expects to generate approximately $1.6 billion in revenue in fiscal year 2023 after increasing the company’s megawatt capacity. Currently, the company has a total of 1,300 MW under the agreement through a memorandum of understanding or letter of intent. By 2023, the operating capacity of 734 MW and the break-even Bitcoin cost will be $6,225 per BTC, and the company expects Griid’s growth to accelerate. To get started, Grid stated that the company “supports the expansion of carbon-free energy production.”
Griid’s business director Trey Kelly said in an extremely detailed statement sent to Bitcoin: “Our regional unit construction connects the largest commitment between a Yankee infrastructure company and a public Bitcoin miner, a carbon-free power pipeline. , The lowest price for mass production. Com News. “Since the establishment of the company, our team has an undisputed self-made execution record in the past 3 years, and we have prevented the expansion of capacity through this transaction. “
The founders of Adit Edtech envisioned “inexperienced infrastructure with broader economic potential”
After the merger, the combined company can operate in the name of the Grid Infrastructure opposition and can be listed on the New York Stock Exchange under the ticker symbol “GRDI”. Before Grid announced the merger, the company received a credit line of US$525 million from the well-known cryptocurrency company Blockchain.com. Eric Munson, founder and managing partner of Edtech, believes that the business potential of eco-friendly infrastructure is huge.
“Grid’s focus on leveraging next-generation computing power for massive economic clean energy utilization and grid management demonstrates the broader economic potential of inexperienced infrastructure,” Munson said.
Post Bitcoin company Grid plans to list on the New York Stock Exchange through SPAC trading First appeared in Bitcoin wire.
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