In a report submitted to the US Securities and Exchange Commission on Tuesday, the Special Purpose Acquisition Corporation or SPAC, Adit EdTech Acquisition Corp., announced that it will team up with Cincinnati-based bitcoin (BTC) miner Griid for a $ 3.3 billion company. SPACs are letterhead companies created for the sole purpose of acquiring other companies. Upon completion of the agreement, Griid will be listed on the New York Stock Exchange under the ticker GRDI. The agreement is expected to be completed by the first quarter of next year.
According to the investor presentation, Griid expects to mine 637 BTC this year with a total hash rate of 187 petaheshes per second (PH / s) from all miners combined. The company estimates that by 2024 it will be able to mine 24,348 BTC per year with a total hash rate exceeding 26,180 PH / s. In context, the total hash rate of the entire Bitcoin network from Tu is approximately 156,000 PH / s.
The company also said that the upgraded chips in its miners could outperform one of the best bitcoin IC miners for applications, the S19 Pro. Comparing the branded Griid to the S19 Pro, the Griid boasts that it is 15% more efficient, 50% cheaper, and generates 130% more total revenue per year. Currently, about 70% of the company’s bitcoin mining is carbon-free.
Trey Kelly, CEO of GRIID, made the following announcement regarding the development:
We are building an American infrastructure company with the largest dedicated carbon neutral pipeline among government Bitcoin miners at the lowest cost of expansion.
David Schreyer, CEO of Adit EdTech, added:
Carbon neutral mining is the future of Bitcoin. The combination of a large and inexpensive GRIID pipeline, zero-carbon energy, privileged access to next-generation ASICs and market-leading sales enables the company to achieve attractive profitability and growth.