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After Griid, a vertically integrated Bitcoin mining company, revealed that it had obtained a $525 million credit line from Blockchain.com, the company revealed that it plans to go public through a special purpose acquisition company (SPAC) transaction. After the merger with Adit Edtech, Grid will be listed on the New York Stock Exchange (NYSE).
Grid merged with Adit Edtech Acquisition Corp to go public
Grid infrastructure Currently operating three mining facilities in the United States, with a goal of operating 734 megawatts (MW) by 2023. On Tuesday, the company announced an important SPAC transaction with Adit Edtech Acquisition Corp., the combined value of the two companies will be $3.3 billion. Griid established a newly established holding company and Griid’s parent company, named Griid Holdco LLC. The holding company will be acquired by Adit Edtech.
Grider explained that the company expects to have a revenue return of approximately $1.6 billion in fiscal year 2023 after expanding the company’s megawatt capacity. Currently, the company has a total of 1,300 megawatts of electricity according to the agreement in the memorandum of understanding or letter of intent.Operating 734 MW by 2023, the break-even Bitcoin production cost is $6,225 Bitcoin, The company expects Grid’s growth to accelerate. In addition, Grid stated that the company “supports the growth of carbon-free power generation.”
Griid CEO Trey Kelly said in a statement to Bitcoin.com News: “We are building an American infrastructure company that will provide the greatest commitment, carbon-free production at the lowest scale of production costs among public Bitcoin miners. Power pipeline.” “Since the company was founded, our team has demonstrated a record of successful execution in the past three years, and we look forward to expanding production capacity through this transaction.”
The founders of Adit Edtech envisioned “green infrastructure has broader economic potential”
After the merger, the combined company will operate under the name of Grid Infrastructure Inc. and will be listed on the New York Stock Exchange under the ticker symbol “GRDI”. Grid’s merger announcement followed the company protect $525 million credit line from well-known crypto companies Blockchain networkEric Munson, founder and managing partner of Adit Edtech, believes that the industry has great potential for eco-friendly infrastructure.
“Grid’s focus on using next-generation computing power to achieve more efficient clean energy utilization and grid management demonstrates the broader economic potential of green infrastructure,” Munson said.
What do you think of the SPAC transaction between Bitcoin miner Grid and Adit Edtech? Please tell us your thoughts on this topic in the comments section below.
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