", 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.". Mining equipment is anticipated to remain useful for multiple years. 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) operational by 2023 with a power cost of less than $25/MWh. Bitcoin miner Griid Infrastructure is negotiating with blank-check firm Adit EdTech Acquisition Corp. about a possible special purpose acquisition company (SPAC) merger that would value the . Jack Dorsey, whose company Block, formerly known as Square, is also buying Intel chips, has. All of the forward-looking statements made in this press release are expressly qualified by the cautionary statements contained or referred to herein. Companies provide cloud mining services to customers who lease mining capacity for a fixed period of time to mine their own coins. Readers are cautioned not to rely too heavily on the forward-looking statements contained in this press release. The merger between GRIID and Adit EdTech Acquisition Corp. ("ADEX") represents a pro forma combined company enterprise value of approximately $3.3 billion. or at all, which may adversely affect the price of Adit EdTechs securities, (ii)the risk that the transaction may not be completed by Adit EdTechs business combination deadline and the risk that Adit EdTech may not obtain an Griid Infrastructure, which owns and operates bitcoin mining facilities, is to list on the New York Stock Exchange through a merger with Adit EdTech Acquisition Corp., a special . With its unique vertically integrated business model and power pipeline, GRIID is leading the global effort to support the Bitcoin network and carbon-free energy markets. What is the difference between GPU-based and ASIC-based mining? Follow. RT=Real-Time, EOD=End of Day, PD=Previous Day. GRIID anticipates fiscal year 2023 revenue of $1.6 billion. 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 Edelstein& Company, LLP acted as advisor to Adit EdTech for accounting and tax due diligence and quality of earnings assessment. extension of the business combination deadline if sought by Adit EdTech, (iii)the failure to satisfy the conditions to the consummation of the transaction, including the adoption of the merger agreement by the stockholders of Adit EdTech and 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. 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. Griid Infrastructure LLC (GRIID) is a profitable, vertically integrated bitcoin self-mining company What is the difference between a cloud mining contract and investing in HIVE? statements in this press release, including but not limited to: (i)the risk that the transaction may not be completed in a timely manner or at all, which may adversely affect the price of Adit EdTechs securities, (ii)the risk that HIVE sells digital currencies that it has mined in order to pay for its ongoing expenses, including operating and maintenance costs. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. 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. This press release includes "forward-looking statements," within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended. CEO Trey Kelly, will continue to lead the business. 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. A proxy statement will be sent to all Adit EdTech stockholders. HIVE is a growth oriented, publicly listed company building a bridge from the blockchain sector to traditional capital markets. 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 Professional miner. Evolve Security, LLC acted as cybersecurity advisor to Adit EdTech for external, internal and wireless security testing and assessment. 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. otherwise, will be contained in the proxy statement/prospectus and other relevant materials to be filed with the SEC when they become available. 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. Such statements are not guarantees of future performance and actual Adit has assembled a seasoned team of industry advisors whom we believe will help us execute our differentiated investment strategy. By signing up, you will receive emails about CoinDesk product updates, events and marketing and you agree to our, Australias Central Bank Taps Mastercard and Others to Test CBDC Use Cases, Bitcoin, Ether Settle Into a Range as Indicators Point Neutral, Digital Asset Investment Products AUM in February Reaches Highest Level Since May 2022, Crypto Bank Charter Firm Protego Trust Lays Off Most of Its Workforce: Source. 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. Global Investors and Executive Chairman of HIVE. Contact us. 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. Before making any voting decision, investors and security holders of Adit EdTech are urged to read the proxy statement and all other relevant documents filed or that will be filed with 2022 Griid Infrastructure LLC. Securities filings can be found on SEC EDGAR at www.sec.gov), Additional Information and Where to Find It. The deal values Griid at an enterprise value of $3.3 billion. The proposed transaction has been unanimously approved by the board of directors of Adit EdTech and the board of managers of GRIID Holdco. 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. proxy statement/prospectus and all other relevant 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. The Company holds it digital currencies in cold storage solutions not connected to the internet. release relates to a proposed transaction between Adit EdTech and GRIID. 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. An ASIC or application-specific integrated circuit is a single-purpose chip built for Bitcoin mining. Adit EdTech also will file other documents regarding the proposed transaction with the SEC. 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. GRIID supports the growth of carbon-free energy generation by procuring low-cost energy to build, manage, and operate its portfolio of vertically integrated bitcoin mining facilities. release and investor presentation. 2 Legal Disclaimer This presentation (the "presentation") has been prepared for use by Good Works Acquisition Corp. ("Good Works") and Cipher Mining Technologies Inc. ("Cipher" or the "Company") in connection with their proposed business . Being a first mover to list on a major public exchange was a key part of HIVEs strategy. This press release includes forward-looking statements, within the meaning of Section27A of the Securities Act of 1933, We refer you to the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of Adit EdTech's Annual Report on Form 10-K for the year ended December 31, 2020, and other filings made with the SEC and that are available on the SEC's website at www.sec.gov. 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 "It should be decent compensation for everything, for . Troutman Pepper Hamilton Sanders LLP acted as legal advisor to GRIID. $525million credit facility will be used to fund GRIIDs growth and accelerate scale. What financial advisors need to know about crypto. 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. differ materially from those projected in the forward-looking 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 Market Data powered by QuoteMedia. Adit EdTech also will file Lincoln International LLC acted as financial advisor to Adit EdTech to provide a fairness opinion. 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 other important disclosures are available in our 8K filing on SEC.gov, at: https://lnkd.in/ezMNCjtb, (This announcement relates to a proposed GPU-based mining provides flexibility to identify and focus computing resources on existing and new cryptocurrencies as they become more profitable to mine, as well as for other high efficiency computing applications, such as artificial intelligence and graphic rendering as well as private blockchain computing, which are becoming more widespread as the blockchain technology grows and develops. The company is projecting 2023 revenue of $1.6 billion. Nov 30 (Reuters) - Bitcoin miner Griid Infrastructure said on Tuesday it would go public by merging with blank-check firm Adit EdTech Acquisition Corp (ADEX.N) in a deal valuing the combined. 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. Trey Kelly, CEO of GRIID, said, We are building an American infrastructure company with the largest pipeline of committed, carbon-free power among Adit EdTech intends to file a proxy statement with the SEC. Adit EdTech also will file other documents regarding the proposed transaction with the SEC. 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 Your weekly wrap of Web3 news and trends. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act. potential, predict, seek, should, would or by variations of such words or by similar expressions. GRIID anticipates fiscal year 2023 revenue of $1.6 billion. Fast and reliable internet access, as well as a cool climate, help to lower costs. 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. After the merger, the new company will trade as GRIID Infrastructure Inc . Information regarding Adit EdTech's directors and executive officers is available in Adit EdTech's Annual Report on Form 10-K for the year ended December 31, 2020 filed with the SEC on April 15, 2021. GRIID supports the growth of carbon-free energy generation by procuring low-cost energy to build, manage, and operate its portfolio of vertically integrated bitcoin mining facilities. The $246million of anticipated net transaction proceeds, assuming no redemptions, and an existing 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. The merger is expected to close in the first quarter of 2022. instituted against GRIID or against Adit EdTech related to the merger agreement or the proposed transaction, (ix)the ability to maintain the listing of Adit EdTechs securities on a national securities exchange, (x)the price of Adit 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. Such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. When and where. We validate transactions on blockchain networks like Ethereum for rewards paid in cryptocurrencies. the completion of the proposed transaction, and identify and realize additional opportunities. Get a technical analysis of First Trust Nasdaq Clean Edge Smart Grid Infrastructure UCITS ETF Accum A USD (DE:GRID) with the latest MACD of 0.24 and RSI of 50.81. . 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 industry advisors Cristina Dolan and Eva Kaili have notable involvement with blockchain companies and blockchain legislation, respectively. Additional Information and Where to Find It. The average price target is 32.31 with a high forecast of 36.89 and a low forecast of 27.52.The average price target represents a change from the last price of . There are two main categories of computing hardware used to mine: ASIC-based and GPU-based. Days after an initial report, Griid Infrastructure has confirmed plans to go public, with the Cincinnati-based bitcoin mining startup valued at $3.3 billion. stockholders. Merging with blank-check companies has become a popular strategy for bitcoin miners seeking to go public, and Griid is the latest to jump on that bandwagon. public bitcoin miners at the lowest cost of scaled production. Elon Musk will aim to quiet any doubts about Tesla's standing in the electric car race on Wednesday when the serial entrepreneur convenes an investor day. 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. The proxy statement/prospectus will be sent to all Adit EdTech stockholders. Adit EdTechs 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. Be a smarter, safer investor in eight weeks. Adit Ventures is an investment Griid plans on having a breakeven Bitcoin production cost of $6,225 by 2023, which it says is below its peers. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) the risk that the transaction may not be completed in a timely manner or at all, which may adversely affect the price of Adit EdTechs securities, (ii) the risk that the transaction may not be completed by Adit EdTechs business combination deadline and the risk that Adit EdTech may not obtain an extension of the business combination deadline if sought by Adit EdTech, (iii) the failure to satisfy the conditions to the consummation of the transaction, including the adoption of the merger agreement by the stockholders of Adit EdTech and the receipt of certain governmental and regulatory approvals, (iv) the lack of a third party valuation in 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 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 proposed transaction disrupts current plans and operations of GRIID and potential difficulties in GRIID employee retention as a result of the transaction, (viii) the outcome of any legal proceedings that may be instituted against GRIID or against Adit EdTech related to the merger agreement or the proposed transaction, (ix) the ability to maintain the listing of Adit EdTechs securities on a national securities exchange, (x) the price of Adit 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 competitors, changes in laws and 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 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 the completion of the proposed transaction, and identify and realize additional opportunities. The actual results or developments anticipated 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. 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 GRIID's $525 million secured credit facility with Blockchain.com). ", David Shrier, CEO of Adit EdTech, added, "Carbon-free mining is the future of bitcoin. GRIID's 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. Data delayed 15 minutes unless otherwise indicated (view delay times for all exchanges). Securities Act. conditions to the consummation of the transaction, including the adoption of the merger agreement by the stockholders of Adit EdTech and the receipt of certain governmental and regulatory approvals, (iv)the lack of a third party valuation in 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. All of the forward-looking statements made in this press release are expressly qualified by the cautionary statements contained or referred to herein. GRIID, Adit EdTech and their respective directors, executive officers and employees may be deemed to be participants in the solicitation of proxies in respect performance fees or expenses, if applicable. Trey Kelly, CEO of GRIID, said, 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. the combined company is expected to operate under the name GRIID 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 . Leasing hash is finite and non-transferrable. 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. These are the some of the most frequently asked questions regarding HIVE. 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 Mining Companies With Fewer Than 50 Employees . GRIIDs existing management team, led by President and CEO Trey Kelly, will continue to lead the business. It provides equity shareholders a way of getting exposure to the crypto world through a traditional investment vehicle. 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). other documents regarding the proposed transaction with the SEC. InnovationInstitute. The deal values the combined. 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. announce that less than a year since our IPO, $ADEX has signed a definitive agreement with what I believe to be an exceptional carbon-free bitcoin mining company: GRIID Infrastructure. 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. NEWS RELEASE Feb 21, 2023. . 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. You need a reliable and cheap source of electricity for your hardware. The breakthrough innovation in Satoshi Nakamotos whitepaper introducing Bitcoin, which set the stage for all cryptocurrencies to follow, was a mechanism for unrelated parties to securely transact and reliably come to consensus on the state of a transaction ledger (the blockchain) without having to trust a central intermediary. The deal values Griid at an enterprise value of $3.3 billion. Adit EdTech intends to file a proxy statement with the SEC. The company is projecting 2023 revenue of $1.6 billion. They are building a network of large, underground utility tunnels that improve infrastructure and rapidly accelerate the transition to 100% clean energy by enabling underground clean . Before making any voting decision, investors and security holders of Adit EdTech are urged to read the proxy statement and all other relevant 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. 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. This press release relates to a proposed transaction between Adit EdTech and GRIID. With its unique Founded in 2018, GRIID Infrastructure is 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. The actual results or developments anticipated may not be realized or, even if . The foregoing list of factors is not exhaustive. This communication may could give rise to the termination of the merger agreement, (vi)the effect of the announcement or pendency of the transaction on GRIIDs business relationships, operating results, and business generally and on Adit EdTechs stock How Ethereum's evolution impacts crypto markets. 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. Based in Cincinnati, Ohio, GRIID is a profitable, The following communication was posted by David Shrier on LinkedIn: I am pleased to Edelstein & Company, LLP acted as advisor to Adit EdTech for accounting and tax due diligence and quality of earnings assessment. March 2021 Good Works . Troutman Pepper Hamilton We refer you to the Risk Factors and Managements Discussion and Analysis of Financial Condition and Results of Operations sections of Adit EdTechs Annual Report on Form 10-K for the year ended December 31, 2020, and other filings made with the SEC and that are available on the SECs website at www.sec.gov. new information, future events or otherwise. Adit EdTechs CFO, John DAgostino, founded and leads the AIMA Digital Asset Working Group, is Chair of the of the UK Governments Department International Trades Asset Management Working Group, and is Fellow of the AIF Global Financial InnovationInstitute. TipRanks is a comprehensive research tool that helps investors make better, data-driven investment decisions. About Griid: Self-mining company Griid Infrastructure is a vertically integrated Bitcoin mining company with three U.S. facilities. HIVE benefits from monitoring software that constantly tracks things like hash rates, temperatures, and power consumption. Based on 508 Wall Street analysts offering 12 month price targets to DE:GRID holdings in the last 3 months. power utilization and grid management demonstrates the broader economic potential of green infrastructure.. Legal Name Griid Infrastructure LLC. The biggest crypto news and ideas of the day. 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