The largest inputs to mining are electricity costs and hardware. Mining Companies With Fewer Than 50 Employees . vertically integrated bitcoin self-mining company that owns and operates a growing portfolio of energy infrastructure and bitcoin mining facilities across the United States. 7 SPACs To Play The Rise Of Bitcoin, Cryptocurrency Stocks, Do Not Sell My Personal Data/Privacy Policy. Covington & Burling LLP acted as legal advisor to Adit EdTech. the board of managers of GRIID Holdco. design, intend, expect, could, plan, potential, predict, seek, should, would or by variations of such words or by similar the securities laws of such state or jurisdiction. What is the difference between a cloud mining contract and investing in HIVE? Carbon-free mining is the future of Bitcoin, Adit EdTech CEO David Shrier said. Adit EdTech is a publicly listed special purpose acquisition company sponsored by an affiliate of Adit, formed for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. Investors and security holders will be able to obtain free copies of the proxy statement and all other relevant documents filed or that will be filed with the SEC by Adit EdTech through the website maintained by the SEC at www.sec.gov. the securities of GRIID, the combined company or Adit EdTech, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under The merger between GRIID and Adit EdTech Acquisition Corp. (ADEX) represents a pro forma combined Invoking his trademark flare, Musk promised to reveal "Master Plan 3" at the gathering . 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. This press release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the potential transaction and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of GRIID, the combined company or Adit EdTech, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. results or developments may differ materially from those projected in the forward-looking statements. What is HIVEs approach to selling versus hoarding coins. Trey Kelly, CEO of GRIID, said, We are building an American infrastructure company with the largest pipeline of committed, carbon-free power among which may be volatile due to a variety of factors, including changes in the competitive and regulated] industries in which Adit EdTech plans to operate or GRIID operates, variations in operating performance across competitors, changes in laws and Information regarding the persons who may, under the rules of the SEC, be deemed participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement and other relevant materials to be filed with the SEC when they become available. Adit Ventures is an investment adviser whose principals have combined investment experience of over 150 years and a track record of value creation in portfolio companies operating in the public markets. RT=Real-Time, EOD=End of Day, PD=Previous Day. The small Ohio-based GRIID is. The proposed transaction is expected to close in the first quarter of 2022, subject to customary closing conditions, including the receipt of regulatory approvals and approval of Adit EdTechs stockholders. Learn more about Consensus 2023, CoinDesks longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. new information, future events or otherwise. Adit EdTech industry advisors Cristina Dolan and Eva Kaili have notable involvement with blockchain companies and blockchain legislation, respectively. The new miner will reach 135 terahash/second (TH/s), a measure of computing power, at an electricity efficiency of 26 joules/terahash (J/TH). CEO and CIO of U.S. A profitable Bitcoin (CRYPTO: BTC) mining company is going public with a SPAC deal announced Tuesday morning. Track . Bitcoin miner Griid Infrastructure is in talks to go public through a merger with a special purpose acquisition company, according to people with knowledge of the matter. stockholders. Adit EdTech also will file other documents regarding the proposed transaction with the SEC. Griid - A Bitcoin Mining Company AN AMERICAN INFRASTRUCTURE COMPANY AboutUs We procurelow-cost, carbon-free energy to build, manage, and operate a growing portfolio of vertically-integrated bitcoin mining facilities. The SPAC Deal: Griid Infrastructure announced a merger with. CINCINNATI, Nov. 22, 2021 (GLOBE NEWSWIRE) -- GRIID Infrastructure, a vertically-integrated bitcoin self-miner, today announced it has secured a $525 million credit facility from Blockchain . Information regarding the persons who may, under the rules of the SEC, be deemed participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or All Rights Reserved. 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. GRIID's existing management team, led by President and CEO Trey Kelly, will continue to lead the business. With its unique The merger is expected to close in the first quarter of 2022. Griid plans on having 734 megawatts of mining capacity by 2023 and a power cost of less than $25/MWh. projections, (xii)changes in general economic conditions, including as a result of the COVID-19 pandemic, and (xiii)the ability to implement business plans, forecasts, and other expectations after EdTechs securities, which may be volatile due to a variety of factors, including changes in the competitive and regulated industries in which Adit EdTech plans to operate or GRIID operates, variations in operating performance across A . Except as required by law, neither GRIID nor Adit EdTech undertakes any obligation, and specifically declines any obligation, to update or revise any forward-looking statements, whether as a result of new information, future The SPAC Deal: Griid Infrastructure announced a merger with Adit Edtech Acquisition Corp (NYSE:ADEX). ADEX Price Action: ADEX shares were up 1.22% at $9.97 late Tuesday morning. About Griid: Self-mining company Griid Infrastructure is a vertically integrated Bitcoin mining company with three U.S. facilities. GRIIDs combination of a large Global Investors and Executive Chairman of HIVE. This press release relates to a proposed transaction between Adit EdTech and GRIID. Please note all . Its CEO, David Shrier, has published multiple books about blockchain and fintech, created the global online fintech and blockchain programs for the Massachusetts Institute of Technology and the University of Oxford, and serves as a non-executive director of blockchain infrastructure company Copper Technologies. This press release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the proposed transaction and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of Adit EdTech, GRIID or the combined company, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. This press release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the potential transaction and this transaction., David Shrier, CEO of Adit EdTech, added, Carbon-free mining is the future of bitcoin. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act. A family-owned firm with over a century of combined financial experience, Adit Ventures is a team of professionals committed to investments that create positive change. Edelstein & Company, LLP acted as advisor to Adit EdTech for accounting and tax due diligence and quality of earnings assessment. Securities Act. other documents regarding the proposed transaction with the SEC. This makes it more efficient than, The second-gen Intel miner doesn't beat out, It is unclear whether Intel will be selling exactly the same mining rigs to all of its customers. determining whether or not to pursue the proposed transaction, (v)the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement, (vi)the effect of. GRIID management reports that it has over 1,300 MW of power (under agreement, MOU or LOI), of which 734 Covington & Burling LLP acted as legal advisor to Adit EdTech. Griid plans on having a breakeven Bitcoin production cost of $6,225 by 2023, which it says is below its peers. The proposed transaction values the combined company at an implied fully diluted pro forma enterprise value of approximately $3.3 billion, assuming no redemptions of shares of Adit EdTech by its public stockholders and approximately $125 million of debt outstanding as of the closing (which debt is drawn down under GRIIDs $525 million secured credit facility with Blockchain.com). Additional Information and Where to Find It. Sign up for Valid Points, our weekly newsletter breaking down Ethereums evolution and its impact on crypto markets. HIVE sells digital currencies that it has mined in order to pay for its ongoing expenses, including operating and maintenance costs. the announcement or pendency of the transaction on GRIIDs business relationships, operating results, and business generally and on Adit EdTechs stock price, (vii)risks that the Griid. a bitcoin mining company | building america's leading, vertically-integrated bitcoin mining company Download a PDF copy of our corporate presentation. What is the difference between GPU-based and ASIC-based mining? GRIIDs existing management team, led by President and GRIID, an American infrastructure company, is a vertically integrated bitcoin self-mining company that owns and operates a growing portfolio of bitcoin mining HIVE offers shareholders exposure to the operating margins from cryptocurrency mining plus a growing portfolio of coins. financial advisor to Adit EdTech for capital markets and M&A advisory services. Tesla CEO Elon Musk is scheduled to unveil the automaker's longterm plan at an investor day in Texas. Everyday HIVE earns new crypto coins which it can monetize for revenue and cash flow. Founded in 2018 and headquartered in Cincinnati, Ohio, GRIID has secured one of the largest and lowest-cost power pipelines in the industry with a focus on carbon-free generation partners. . include forward-looking statements, within the meaning of Section27A of the Securities Act of 1933, as amended, and Section21E of the Securities Exchange Act of 1934, as amended. the SEC in connection with the proposed transaction as they become available because they will contain important information about the proposed transaction. CoinDesk journalists are not allowed to purchase stock outright in DCG. The deal values Griid at an enterprise value of $3.3 billion. View source version on GlobalBusinesswire.com: https://www.globenewswire.com/news-release/2021/11/30/2342749/0/en/Bitcoin-Self-Miner-Griid-Infrastructure-to-List-on-the-NYSE-Through-Merger-With-Adit-Edtech-Acquisition-Corp.html. or intention and are generally accompanied by words that convey projected future events or outcomes such as believe, may, will, estimate, continue, anticipate, Upon completion of the proposed transaction. Bitcoin miner Griid Infrastructure LLC said Tuesday it has agreed to go public through a merger with Adit Edtech Acquisition Corp. in a deal that values the combined company at about $3.3 billion . The merger is expected to close in the first quarter of 2022. Intel's second-generation miner, dubbed the Bonanza Miner 2, is the second most efficient on the market, according to an investor presentation filed in November by Griid Infrastructure, one. For these reasons, we expect proof-of-work mining and data centre infrastructure like HIVEs will always be an essential component of the blockchain and cryptocurrency ecosystem. Adit EdTech intends to file a proxy statement with the SEC. Its supply agreement with Griid includes design materials, which indicates that the miners' rigs could be tailor-made for or by the clients using Intel's mining chips. The following communication was posted by David Shrier on LinkedIn: I am pleased to This press release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the proposed transaction and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of Adit EdTech, GRIID or the combined company, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. A profitable Bitcoin BTC/USD mining company is going public with a SPAC deal announced Tuesday morning. 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, Griid CEO Trey Kelly said. will be provided in a Current Report on Form 8-K to be filed by Adit EdTech today with the U.S. Securities and Exchange Commission (the SEC) and will be available at www.sec.gov. events or otherwise. Such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. This press release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the potential transaction and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of GRIID, the combined company or Adit EdTech, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. After the merger, the new company will trade as GRIID Infrastructure Inc and the ticker GRDI on the NYSE. We refer you to the Risk Factors and Managements Discussion and Analysis of Information regarding the persons who may, under the rules of the SEC, be deemed participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement and other relevant materials to be filed with the SEC when they become available. internal and wireless security testing and assessment. Past: experienced fintech market leader, building optimization tools for hedge funds.<br><br>Now: Energy infrastructure. The current proposal for Ethereums shift to proof of stake from proof of work has a number of unknown variables, including uncertainty over timing, execution and ultimate adoption; and there is not yet a definitive plan that is established and approved. Adit EdTech's strategy is to focus on companies which offer an opportunity for stockholder value creation through the combination of (i) an attractive valuation entry point, (ii) a clear plan to unlock incremental value through operational and/or strategic improvements and (iii) a clear path to bring the target company to the public market and implement best-in-class public company governance. After the merger, the new company will trade as GRIID Infrastructure Inc and the ticker GRDI on the NYSE. 3,516 Number of Organizations $20.3B Total Funding Amount 876 Number of Investors. Adit EdTechs CFO, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. According the company's website, the organization says that they "procure low-cost, carbon-free energy to build, manage, and operate a growing portfolio of vertically-integrated bitcoin mining facilities." Intel's second-generation miner, dubbed the Bonanza Miner 2, is the second most efficient on the market, according to an investor presentation filed in November by Griid Infrastructure, one of . documents filed or that will be filed with the SEC in connection with the proposed transaction as they become available because they will contain important information about the proposed transaction. These statements express a belief, expectation This allows us to easily detect problematic rigs, and prevent overheating or hash rate drops, keeping maintenance costs to a minimum. Contact us. There are more than a million miners today from "Mom and Pop's" to Governments. ", 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.". The presentation doesn't specifically identify the miner as Intel's, but Griid is known to be working with Intel based on a previously published supply agreement and Intel's own statements. Except as required by law, neither GRIID nor Adit EdTech undertakes any obligation, and specifically declines any obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These forward looking statements speak only as of the date of this press release. 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. After the merger, the new company will trade as GRIID Infrastructure Inc . regulations affecting Adit EdTechs or GRIIDs business, and changes in the combined capital structure, (xi)GRIIDs inability to implement its business plan or meet or exceed its financial projections, (xii)changes in While proof-of-stake, or potentially other consensus mechanisms to come, may exist in parallel with the current standard proof-of-work we believe that mining will always play a fundamental role. Head to consensus.coindesk.com to register and buy your pass now. public bitcoin miners at the lowest cost of scaled production. Our sponsor is an affiliate of Adit Ventures, LLC, or Adit, an investment adviser whose principals have combined investment experience of over 150 years and a track record of value creation in portfolio companies operating in the public markets. 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). transaction and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of Adit EdTech, GRIID or the combined company, nor shall there be any sale of any such securities in any state or jurisdiction in which such Your weekly wrap of Web3 news and trends. Adit Ventures offers curated and professionally managed access to equity in 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). D'AgostinoChief Financial Officerdagostino@aditedtech.com. CINCINNATI and NEW YORK, Nov. 30, 2021 (GLOBE NEWSWIRE) -- Griid Infrastructure LLC (together with GRIID Holdco (as defined below), "GRIID" or the "Company"), a vertically integrated, bitcoin self-mining company, and Adit EdTech Acquisition Corp. ("Adit EdTech") ADEX ADEX.U, and ADEX.WS))), 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. The deal values Griid at an enterprise value of $3.3 billion. 86% of retail CFD accounts lose money, Bitcoin Miner Griid Infrastructure Lands SPAC Deal: What Investors Should Know, SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Adit EdTech Acquisition Corporation - ADEX, Registration on or use of this site constitutes acceptance of our. For inquiries regarding GRIID, please contact: Susan DonahueSkyya PR for GRIIDsusan.donahue@skyya.com. Do Not Sell My Personal Data/Privacy Policy. Investors and security holders will be able to obtain free copies of the proxy statement and all other relevant documents filed or that will be filed with the SEC by Adit EdTech through the website maintained by the SEC at www.sec.gov. The biggest crypto news and ideas of the day. Readers are cautioned not to rely too heavily on the forward-looking statements contained in this press release. release and investor presentation. There are two main categories of computing hardware used to mine: ASIC-based and GPU-based. substantially realized, they may not have the expected consequences to or effects on GRIID, Adit EdTech or their respective businesses or operations. GRIID, an American infrastructure company, is a vertically integrated bitcoin self-mining company that owns and operates a growing portfolio of bitcoin mining facilities across the United States. Adit EdTech also will file other documents regarding the proposed transaction with the SEC. Adit Ventures is an investment may not be realized or, even if substantially realized, they may not have the expected consequences to or effects on GRIID, Adit EdTech or their respective businesses or operations. On Tuesday, Cincinnati-based Griid Infrastructure announced it will merge with Adit EdTech Acquisition Corp., a special purpose acquisition company, or SPAC. Information regarding Adit EdTechs directors and executive officers is available in Adit EdTechs Annual Report on Form 10-K for the year ended December31, 2020 the completion of the proposed transaction, and identify and realize additional opportunities. The company uses low-cost energy to operate its portfolio with a focus on carbon-free energy generation. 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). of the proposed transaction. GRIIDs 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, Adits founder and Managing Partner, said, GRIIDs focus on utilizing next generation computing power for more efficient clean power utilization and grid management demonstrates the broader economic potential of green infrastructure.. Automaker & # x27 ; s longterm plan at an enterprise value of $ billion! Vertically integrated Bitcoin self-mining company that owns and operates a growing portfolio of energy Infrastructure and Bitcoin mining is. 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