$3.3B Bitcoin mining company Griid to list on NYSE via SPAC deal

Adit EdTech Acquisition Corp filed a Tuesday filing with the United States Securities and Exchange Commission announcing that it will merge with Griid, a Cincinnati-based Bitcoin (BTC), miner, at a $3.3 million enterprise valuation. Blank check companies are created to acquire other businesses. Griid will be listed on the New York Stock Exchange as GRDI after the deal is closed. It is expected that the deal will close in the first quarter next year.

Griid’s investor presentation states that it expects to mine 637 BTC this fiscal year, with a total hashrate of 187 petahash/second (PH/s) from all other miners. The company expects to mine 24,348 BTC annually by 2024 with a total hash rate of 26,180 PH/s. The total hash rate for the entire Bitcoin network is currently at approximately 156,000 PH/s.

Griid also claimed that its new chips can outperform the S19 Pro, which is the most powerful application-specific integrated circuit Bitcoin miner. Griid claims that its machine is 15% more efficient than the S19 Pro and 50% less expensive, and generates 130% more annual gross profits. About 70% of Griid’s Bitcoin mining operations are currently carbon-free.

Trey Kelly, CEO at GRIID, released the following statement about the development:

We are creating an American infrastructure company that has the largest pipeline of carbon-free, committed power among public Bitcoin miners. This is at the lowest possible cost of scaled production.

David Shrier, CEO at Adit EdTech, said:

The future of bitcoin is carbon-free mining. GRIID has a combination of a large supply of low-cost carbon-free power, access to next-generation ASICs and market-leading execution that allows them to generate attractive profitability.

Griid business metricsSource : Company Investor Presentation