In a filing with the United States Securities and Substitution Commission on Tuesday, special purpose conquering company, or SPAC, Adit EdTech Acquisition Corp, announced information technology would merge with Cincinnati-based Bitcoin (BTC) miner Griid at a $3.three billion enterprise valuation. SPACs are blank bank check companies created for the sole purpose of acquiring other firms. Afterwards the deal consummates, Griid volition list on the New York Stock Exchange under the ticker symbol GRDI. The bargain is expected to close past the first quarter of next yr.

Co-ordinate to its investor presentation, Griid expects to mine 637 BTC this yr with a total hash rate of 187 petahash per 2nd (PH/s) from all miners combined. By 2024, the company projects it tin can mine 24,348 BTC per year, with its full hash charge per unit surpassing 26,180 PH/south. In context, the total hash rate of the entire Bitcoin network as of Tu is approximately 156,000 PH/s.

The firm likewise claimed that newly designed chips in its mining machines tin surpass 1 of the best awarding-specific integrated excursion Bitcoin mining devices out there, the S19 Pro. Comparing its proprietary machine to the S19 Pro, Griid boasts that it is xv% more efficient, 50% cheaper and results in 130% more than gross profits per year. Currently, almost 70% of the company'south Bitcoin mining operations are carbon-costless.

Trey Kelly, CEO of GRIID, issued the following statement regarding the evolution:

We are building an American infrastructure company with the largest pipeline of committed, carbon-complimentary power among public bitcoin miners at the lowest price of scaled production.

David Shrier, CEO of Crawlway EdTech, added:

Carbon-free mining is the future of Bitcoin. GRIID's combination of a large pipeline of depression-cost, carbon-gratuitous power, distinctive access to next-generation ASICs, and market place-leading execution position them to generate attractive profitability and growth.

Griid business organization metrics | Source: Company Investor Presentation