-
Griid Infrastructure LLC (“GRIID”) is a profitable, vertically integrated bitcoin self-mining company with three US-based facilities and planned mining capacity of 734 megawatts (MW) operational by 2023 with a power cost of less than $25/MWh.
-
GRIID anticipates fiscal year 2023 revenue of $1.6 billion.
-
The merger between GRIID and Adit EdTech Acquisition Corp. (“ADEX”) represents a pro forma combined company enterprise value of approximately $3.3 billion.
-
The $246 million of anticipated net transaction proceeds, assuming no redemptions, and an existing $525 million credit facility will be used to fund GRIID’s growth and accelerate scale.
Griid Infrastructure LLC , a vertically integrated, bitcoin self-mining company, and Adit EdTech Acquisition Corp., a special purpose acquisition company sponsored by an affiliate of Adit Ventures, LLC (“Adit”), announced today that they have entered into a definitive merger agreement under which Adit EdTech will acquire Griid Holdco LLC (“GRIID Holdco”), a newly formed holding company and parent of GRIID. Upon completion of the proposed transaction. the combined company is expected to operate under the name “GRIID Infrastructure Inc.” and be listed on the NYSE under the new ticker symbol “GRDI”.
Latest Fintech Insights: Smart Contracts Start Transferring ICP After Upgrade, Allowing Advanced DeFi To Be Developed On The Internet Computer
Based in Cincinnati, Ohio, GRIID is a profitable, vertically integrated bitcoin self-mining company that owns and operates a growing portfolio of energy infrastructure and bitcoin mining facilities across the United States. GRIID supports the growth of carbon-free energy generation by procuring low-cost energy to build, manage, and operate its portfolio of vertically integrated bitcoin mining facilities. GRIID management reports that it has over 1,300 MW of power (under agreement, MOU or LOI), of which 734 MW will be operational by 2023, with a breakeven bitcoin production cost materially below its peers and a cost of scaled bitcoin production of under $6,225 per BTC.
Browse The Complete News About Fintech : equipifi Joins the Symitar Vendor Integration Program
Trey Kelly, CEO of GRIID, said, “We are building an American infrastructure company with the largest pipeline of committed, carbon-free power among public bitcoin miners at the lowest cost of scaled production. Our team has demonstrated a track record of successful execution over the past three years since starting the company, and we look forward to delivering expansion of capacity through this transaction.”
David Shrier, CEO of Adit EdTech, added, “Carbon-free mining is the future of bitcoin. GRIID’s combination of a large pipeline of low-cost, carbon-free power, distinctive access to next generation ASICs, and market-leading execution position them to generate attractive profitability and growth.”
Eric Munson, Adit’s founder and Managing Partner, said, “GRIID’s focus on utilizing next generation computing power for more efficient clean power utilization and grid management demonstrates the broader economic potential of green infrastructure.”
Read More About Fintech News : Zephyr Releases Portfolio Performance, Comprehensive Investment Performance Reporting
[To share your insights with us, please write to sghosh@martechseries.com]
