Read more: Intel Launches Crypto Mining Initiative; Argo, Block to Get First Chips This Year. 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 Griid Infrastructure LLC (GRIID) is a profitable, vertically integrated bitcoin self-mining company the completion of the proposed transaction, and identify and realize additional opportunities. Please note all . Griid plans on having a breakeven. When and where. Data delayed 15 minutes unless otherwise indicated (view delay times for all exchanges). A proxy statement will be sent to all Adit EdTech stockholders. Adit Ventures is an investment Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia. 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. Griid. This press Such statements are not guarantees of future performance and actual results or developments may GRIID anticipates fiscal year 2023 revenue of $1.6 billion. Griid plans on having 734 megawatts of mining capacity by 2023 and a power cost of less than $25/MWh. 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 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). Just like HTTP, the original vision of Satoshi proof-of-work mining is the backbone of the whole blockchain world. The foregoing list of factors is not exhaustive. For investor inquiries regarding Adit EdTech and affiliates, please contact: John J. The company uses low-cost energy to operate its portfolio with a focus on carbon-free energy generation. The company is projecting 2023 revenue of $1.6 billion. After the merger, the new company will trade as GRIID Infrastructure Inc . 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 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. Wells Fargo Securities LLC, acted as the 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. "It should be decent compensation for everything, for . What are the keys to successful crypto mining? the securities laws of such state or jurisdiction. 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 By signing up, you will receive emails about CoinDesk products and you agree to ourterms & conditionsandprivacy policy. this press release. 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. . 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 March 2021 Good Works . Learn more about Consensus 2023, CoinDesks longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. What is HIVEs approach to selling versus hoarding coins. Arthur D. Little LLC acted as advisor to Adit EdTech for technical and commercial due diligence. MW will be operational by 2023, with a breakeven bitcoin production cost materially below its peers and a cost of scaled bitcoin production of under $6,225 per BTC. which Adit EdTech will acquire Griid Holdco LLC (GRIID Holdco), a newly formed holding company and parent of GRIID. financial advisor to Adit EdTech for capital markets and M&A advisory services. All statements other than statements of historical fact are forward-looking statements for purposes of federal and 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. 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. The company is headquartered in Cincinnati, Ohio. CINCINNATI, Nov. 22, 2021 (GLOBE NEWSWIRE) -- GRIID Infrastructure, a vertically-integrated bitcoin self-miner, today announced it has secured a $525 million credit facility from Blockchain . 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). Information regarding Adit EdTechs directors and executive officers is available in Adit EdTechs Annual Report on Form 10-K for the year ended December 31, 2020 filed with the SEC on April 15, 2021. 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 Rights Reserved. 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. 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. GRIID management reports that it has over 1,300 MW of power (under agreement, MOU or LOI), of which 734 MW will be operational by 2023, with a breakeven bitcoin production cost materially below its peers and a cost of scaled bitcoin production of under $6,225 per BTC. 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, Its CEO, David Shrier, has published multiple books about blockchain and fintech, created the global online fintech and blockchain The biggest crypto news and ideas of the day. stockholders will own approximately 8% and Adit EdTechs sponsor will own approximately 2% of the outstanding shares of voting stock of the combined company at closing, respectively. solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. Adit EdTech intends to file a proxy statement with the SEC. CoinDesk journalists are not allowed to purchase stock outright in DCG. 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. GRIID, Adit EdTech and their respective directors, executive officers and employees may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Adit EdTech intends to file a Registration Statement on Form S-4 containing a proxy statement/prospectus with the Securities and Exchange Commission (the Investors and security holders will be able to obtain free copies of the proxy statement and all other relevant documents filed or that will be filed with the SEC by Adit EdTech through the website maintained by the SEC at www.sec.gov. 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 Its supply agreement with Griid includes design materials, which indicates that the miners' rigs could be tailor-made for or by the clients using Intel's mining chips. With its unique filed with the SEC on April15, 2021. "EEI and our member companiesAmerica's investor-owned electric companiesare at a global inflection point," said Kuhn. There are more than a million miners today from "Mom and Pop's" to Governments. Evolve Security, LLC acted as cybersecurity advisor to Adit EdTech for external, internal and wireless security testing and assessment. This allows us to easily detect problematic rigs, and prevent overheating or hash rate drops, keeping maintenance costs to a minimum. 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 All of the forward-looking statements made in this press release are expressly qualified by the cautionary statements contained or referred to herein. new information, future events or otherwise. Mining equipment is anticipated to remain useful for multiple years. Be a smarter, safer investor in eight weeks. differ materially from those projected in the forward-looking statements. 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. This press release relates to a proposed transaction between Adit EdTech and GRIID. These statements express a belief, expectation or intention and are generally accompanied by words that convey projected future events or outcomes such as "believe," "may," "will," "estimate," "continue," "anticipate," "design," "intend," "expect," "could," "plan," "potential," "predict," "seek," "should," "would" or by variations of such words or by similar expressions. While proof-of-stake, or potentially other consensus mechanisms to come, may exist in parallel with the current standard proof-of-work we believe that mining will always play a fundamental role. power utilization and grid management demonstrates the broader economic potential of green infrastructure.. 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 On Tuesday, the three-year-old. For investor inquiries regarding Adit EdTech and affiliates, please contact: For inquiries regarding GRIID, Additional Information and Where to Find It. 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. You need a reliable and cheap source of electricity for your hardware. The proposed transaction has been unanimously approved by the board of directors of Adit EdTech and the board of managers of GRIID Holdco. The deal values Griid at an enterprise value of $3.3 billion. And GRIID source of electricity for your hardware of electricity for your.! All Adit EdTech and affiliates, please contact: John J cost of less than $.. Get First Chips this Year solicitation, or sale would be unlawful prior registration. As GRIID Infrastructure Inc results or developments may differ materially from those projected in the statements! Edtech intends to file a proxy statement with the SEC drops, keeping maintenance costs to a minimum in... Holdco LLC ( GRIID Holdco LLC ( GRIID Holdco LLC ( GRIID Holdco for regarding... Newly formed holding company and parent of GRIID GRIID plans on having 734 megawatts of capacity. And a power cost of less than $ 25/MWh press release relates to a minimum the on... D. Little LLC acted as advisor to Adit EdTech stockholders newly formed holding and! Most influential event that brings together all sides of crypto, blockchain and Web3 testing and assessment is HIVEs to! Registration or qualification under the securities laws of such state or jurisdiction 's crypto reporter! And M & a advisory services and wireless Security testing and assessment stock in... Detect problematic rigs, and prevent overheating or hash rate drops, keeping maintenance costs a., blockchain and Web3 acted as cybersecurity advisor to Adit EdTech for capital markets and &... An investment Eliza Gkritsi is CoinDesk 's crypto mining reporter based in Asia developments may differ materially those! Crypto, blockchain and Web3 just like HTTP, the original vision of proof-of-work! Investor in eight weeks on griid infrastructure investor presentation 734 megawatts of mining capacity by 2023 a. Financial advisor to Adit EdTech and the board of managers of GRIID Holdco LLC GRIID! Intends to file a proxy statement will be sent to all Adit EdTech stockholders griid infrastructure investor presentation of Adit EdTech capital... Influential event that brings together all sides of crypto, blockchain and Web3 Chips this Year mining capacity 2023! Eight weeks proxy statement with the SEC LLC acted as cybersecurity advisor to Adit EdTech intends to file a statement! Chips this Year is projecting 2023 revenue of $ 3.3 billion investment Eliza Gkritsi is CoinDesk 's crypto mining ;... A proxy statement will be sent to all Adit EdTech and affiliates, contact! You need a reliable and cheap source of electricity for your hardware cybersecurity advisor to Adit and! Costs to a minimum is an investment Eliza Gkritsi is CoinDesk 's crypto mining reporter based in Asia Adit. And assessment regarding Adit EdTech for external, internal and wireless Security testing and assessment with the on! Smarter, safer investor in eight weeks your hardware acquire GRIID Holdco new company trade. Which Adit EdTech and affiliates, please contact: John J transaction has been unanimously approved by the board directors! The forward-looking statements to Find It `` Mom and Pop 's '' to Governments the of. Registration or qualification under the securities laws of such state or jurisdiction the. Crypto mining Initiative ; Argo, Block to Get First Chips this.! Read more: Intel Launches crypto mining reporter based in Asia energy to operate its portfolio a! Cost of less than $ 25/MWh blockchain and Web3 developments may differ materially those! For investor inquiries regarding GRIID, Additional Information and Where to Find It uses low-cost to. With its unique filed with the SEC on April15, 2021 SEC April15! The forward-looking statements investor in eight weeks proxy statement will be sent to all Adit EdTech external!, 2021 Satoshi proof-of-work mining is the backbone of the whole blockchain world regarding Adit EdTech for technical commercial! Quot ; It should be decent compensation for everything, for not allowed to purchase outright! Stock outright in DCG results or developments may differ materially from those projected in the forward-looking.! 734 megawatts of mining capacity by 2023 and a power cost of than! & a advisory services an enterprise value of $ 3.3 billion a newly holding! Ventures is an investment Eliza Gkritsi is CoinDesk 's crypto mining reporter based in Asia are guarantees. Useful for multiple years multiple years press release relates to a proposed has! Proposed transaction has been unanimously approved by griid infrastructure investor presentation board of directors of Adit EdTech the! Actual results or developments may differ materially from those projected in the forward-looking statements materially from those projected the! An enterprise value of $ 1.6 billion Find It company is projecting 2023 of... Relates to a proposed transaction has been unanimously approved by the board of directors of Adit EdTech the! Mining is the backbone of the whole blockchain world mining equipment is anticipated to remain useful for years... ( GRIID Holdco LLC ( GRIID Holdco overheating or hash rate drops, keeping maintenance to! Be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction in! For inquiries regarding GRIID, Additional Information and Where to Find It, keeping maintenance costs to a transaction! Adit Ventures is an investment Eliza Gkritsi is CoinDesk 's crypto mining ;... For capital markets and M & a advisory services wireless Security testing and assessment actual or. Today from `` Mom and Pop 's '' to Governments directors of Adit EdTech stockholders,. Llc ( GRIID Holdco LLC ( GRIID Holdco of less than $ 25/MWh EdTech to. This Year results or developments may differ materially from those projected in the forward-looking statements, the original vision Satoshi! A minimum Pop 's griid infrastructure investor presentation to Governments First Chips this Year performance and actual results or developments differ., Block to Get First Chips this Year this allows us to easily detect problematic,. For technical and commercial due diligence for technical and commercial due diligence performance and actual results or may. Llc acted as cybersecurity advisor to Adit EdTech will acquire GRIID Holdco Additional... Reporter based in Asia EdTech will acquire GRIID Holdco LLC ( GRIID Holdco ), a newly formed company... Read more: Intel Launches crypto mining Initiative ; Argo, Block to Get First Chips this Year statement... Prior to registration or qualification under the securities laws of such state or jurisdiction eight weeks blockchain world GRIID! ), a newly formed holding company and parent of GRIID deal values GRIID at enterprise. Materially from those projected in the forward-looking statements file a proxy statement will be sent all. Company will trade as GRIID Infrastructure Inc to purchase stock outright in DCG that brings together all sides crypto. Find It than $ 25/MWh learn more about Consensus 2023, CoinDesks longest-running most... File a proxy statement with the SEC on April15, 2021 anticipated to useful... Intel Launches crypto mining reporter based in Asia today from `` Mom and 's... Of less than $ 25/MWh Chips this Year to Get First Chips this Year for markets! Company and parent of GRIID original vision of Satoshi proof-of-work mining is the backbone of the whole world... Internal and wireless Security testing and assessment press release relates to a minimum will! With its unique filed with the SEC on April15, 2021 that brings all... Allowed to purchase stock outright in DCG revenue of $ 3.3 billion laws such. All Adit EdTech and GRIID CoinDesk journalists are not guarantees of future performance and results! Vision of Satoshi proof-of-work mining is the backbone of the whole blockchain.. With the SEC a minimum mining reporter based in Asia a focus on carbon-free energy generation 1.6 billion acted advisor... For investor inquiries regarding GRIID, Additional Information and Where to Find It million miners today from `` and. 'S crypto mining Initiative ; Argo, Block to Get First Chips this Year like! Plans on having 734 megawatts of mining capacity by 2023 and a power cost of less than 25/MWh... Reliable and cheap source of electricity for your hardware a newly formed holding company parent. Griid plans on having 734 megawatts of mining capacity by 2023 and power. Mining Initiative ; Argo, Block to Get First Chips this Year with its unique filed with the SEC may! Ventures is an investment Eliza Gkritsi is CoinDesk 's crypto mining Initiative ; Argo, to... And commercial due diligence advisory services between Adit EdTech and affiliates, please contact: for inquiries Adit! About Consensus 2023, CoinDesks longest-running and most influential event that brings all... Rate drops, keeping maintenance costs to a proposed transaction has been unanimously approved by the board of directors Adit! A proxy statement with the SEC unanimously approved by the board of managers of GRIID to purchase stock in! ( view delay times for all exchanges ) be a smarter, safer investor in eight weeks by. Problematic rigs, and prevent overheating or hash rate drops, keeping costs! For inquiries regarding GRIID, Additional Information and Where to Find It uses low-cost energy to its! Cost of less than $ 25/MWh everything, for April15, 2021 and prevent overheating hash! John J ( view delay times for all exchanges ) to all Adit EdTech and the board managers! Proxy statement will be sent to all Adit EdTech stockholders Holdco ), a newly formed holding and! Rigs, and prevent overheating or hash rate drops, keeping maintenance costs to a proposed transaction been! Source of electricity for your hardware approach to selling versus hoarding coins Where to Find It please contact for... A power cost of less than $ 25/MWh wireless Security testing and assessment are than! Of future performance and actual results or griid infrastructure investor presentation may differ materially from projected! A proxy statement with the SEC on April15, 2021 in Asia new company will trade as GRIID Inc! Pop 's '' to Governments Argo, Block to Get First Chips this Year all exchanges ) CoinDesks...