Bitcoin mining company PrimeBlock to go public via $1.25B SPAC merger

Bitcoin (BTC), mining company PrimeBlock, announced Friday that it will merge with 10X Capital Venture Acquisition Corp II, a special purpose vehicle (SPAC). PrimeBlock’s enterprise value is $1.323 billion. The deal is expected to close by the end of the second half.

This company has approximately 0.89% of Bitcoin’s total hash rate and has installed approximately 1.8 exahash of self-mining BTC equipment per second. PrimeBlock states that the break-even price of mining is $9,000 per coin. In 2020, 59% of the company’s energy sources were completely carbon-free. The company aims to be carbon-neutral by 2050 on a net zero basis.

PrimeBlock generated $21.8 million last year through the mining of 356.8 BTC. The firm anticipates that it will generate $220.1million in revenue in 2022. This is due to its rapid expansion of mining capacity to more than 10 exahash per seconds. The firm also operates a small Ethereum mining operation that will extract 699 digital assets by 2021.

Hans Thomas, CEO and chairman of 10X Capital commented on the business agreement:

“Gaurav and his leadership team […] successfully deployed more than 110 megawatts data center capacity and generated more revenue of $24 million in the fourth quarter.” They have established strong relationships with key partners […] and are committed to zero carbon emissions by 2050.