A new Bitcoin mining company focused on powering their data centres with environmentally responsible power is making their debut as a publicly traded company.
What’s happening:
- Cincinnati, Ohio based Bitcoin mining company GRIID Infrastructure (CBOE: GRDI) has completed a SPAC transaction with Adit EdTech Acquisition Corporation and has listed on the CBOE
- The SPAC transaction values GRIID Infrastructure at approximately $625M CAD
The big idea:
- GRIID leverages low cost energy that is environmentally responsible to power their data centres in New York and Tennessee
- Through securing long term energy partnerships, GRIID has built a fully integrated approach to Bitcoin mining that aims to be profitable through price fluctuations and without significant risk to changes in electricity costs
Going deeper:
- GRIID is often able to secure affordable energy by establishing partnerships in areas where there is an excess capacity of lower carbon power that can be utilized to power their data centres
By the numbers:
- 67% of the energy that powers GRIID’s data centres is carbon free power
- Currently, GRIID has 68 megawatts of capacity for Bitcoin mining across their data centres
