The first public offering (IPO) in the crypto industry was held in 2022 by Bitcoin (BTC) mining company Rhodium Enterprises in Texas.

In a submission to the Securities and Exchange Commission last week, Rhodium plans to offer 7.69 million shares at $ 12-14 per share in a listing. Trading under the “RHDM” symbol on Nasdaq will issue 56.8 million Class A shares and 67.5 million Class B shares, valuing the company at approximately $ 1.7 billion.

Rhodium is a cryptocurrency technology company that uses proprietary technology and liquid cooling technology to extract bitcoins on its own. Their goal is to become the most sustainable and profitable bitcoin producer in the industry.

The company joins a growing list of US bitcoin mining companies. Over the past three years, Marathon, Bitdeer Technologies, Riot Blockchain and Bit Digital have been listed on exchanges such as NASDAQ.

According to the statement, Rhodium currently manages 125 megawatts of mining power at its first location in Texas. Thus, 33,600 bitcoin miners are involved, which brings the total hashing power to around 2.7 EH / s.

Following the IPO and a $ 100 million capital increase, it will operate another Texas site where they “expect to add 225 megawatts of capacity.” By the end of 2022, the company will more than double its current capacity.

Given that the average cost of a single BTC in 2021 was around $ 47,000, their underlying electricity cost is staggering:

“Our infrastructure platform allows us to extract Bitcoin at a much lower cost than the industry average. Between January 1, 2021 and September 30, 2021, the average cost of electricity to produce one bitcoin was approximately $ 2507.”
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Texas continues to gain a reputation as a friendly country for bitcoin mining. In the fourth quarter of 2021, Senator Ted Cruz commented that Texas should use bitcoin mining to collect natural gas waste, while the Texas Electricity Reliability Council (ERCOT) predicted that by 2023, bitcoin mining requests in Texas could increase fivefold.

Rhodium benefits from Texas’ “Independent Energy Market and the abundance of low-cost renewable energy” and the Bitcoin-enabled business environment.

Given the company’s expertise in liquid cooling technology and efficiency, it has become a little more difficult for small bitcoin miners who want to solve valid blocks.

Source: CoinTelegraph