In a filing with the U.S. Securities and Exchange Commission on Tuesday, the special purpose acquisition company, or SPAC, Adit EdTech Acquisition Corp, announced that it would merge with Cincinnati-based Bitcoin (BTC) mining company Griid, with a business valuation of USD 3.3 billion. SPACs are blank check companies created for the sole purpose of acquiring other companies. Upon completion of the agreement, Griid will be listed on the New York Stock Exchange under the symbol GRDI. The operation is expected to close in the first quarter of next year.
According to his presentation to investors, Griid expects to mine 637 BTC this year with a total hash rate of 187 petahash per second (PH / s) from all miners combined. By 2024, the company predicts that it will be able to mine 24,348 BTC per year, with a total hash rate that will exceed 26,180 PH / s. In context, the total hash rate of the entire Bitcoin network as of Tu is roughly 156,000 PH / s.
The company also claimed that the new chips designed into its mining machines may outperform one of the best application-specific IC Bitcoin mining devices out there, the S19 Pro. Comparing its own machine to the S19 Pro, Griid boasts that it is 15% more efficient, 50% cheaper and gives 130% more gross profit per year. Currently, about 70% of the company’s Bitcoin mining operations are carbon-free.
Trey Kelly, GRIID CEO, issued the following statement on the event:
“We are building an American infrastructure company with the largest carbon-free, committed energy reserve among public Bitcoin miners with the lowest cost of production at scale.”
David Shrier, CEO of Adit EdTech, added:
Carbon-free mining is the future of Bitcoin. GRIID’s combination of a large pool of low-cost carbon-free power, distinctive access to next-generation ASICs, and market-leading execution positions them for attractive profitability and growth.
Griid business metrics | Source: Presentation of the company to investors.
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