These statements express a belief, expectation 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 Such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. According the company's website, the organization says that they "procure low-cost, carbon-free energy to build, manage, and operate a growing portfolio of vertically-integrated bitcoin mining facilities." 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. The transaction is expected to provide approximately $246 million of cash at closing from Adit EdTechs trust account, after payment of Adit EdTechs transaction expenses and without giving effect to any redemptions by Adit EdTech public Adit EdTech also will file other documents regarding the proposed transaction with the SEC. 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. Adit Ventures offers curated and professionally managed access to equity in private firms that the principals believe are driving todays market and shaping tomorrows economy. For full information, investors should refer to the risk disclosures filed under HIVEs most recent MD&A, which are filed under HIVEs SEDAR profile, and its September 2017 Filing Statement. 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. This is the main distinction from 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 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. SEC by Adit EdTech through the website maintained by the SEC at www.sec.gov. 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). Market Data powered by QuoteMedia. News and analysis for the professional investor. 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. Please note all . This communication relates to a proposed transaction between Adit EdTech Acquisition Corp. (Adit EdTech) and Griid Holdco LLC (GRIID). Read more: Intel Launches Crypto Mining Initiative; Argo, Block to Get First Chips This Year. D'AgostinoChief Financial Officerdagostino@aditedtech.com. Our team has demonstrated a track record of successful execution over the past three years since starting the company, and we look forward to delivering expansion of capacity through this transaction. Our team has demonstrated a track record of successful execution over the past three years since starting the company, and we look forward to delivering expansion of capacity through this transaction., David Shrier, CEO of Adit EdTech, added, Carbon-free mining is the future of bitcoin. Adit Ventures offers curated and professionally managed access to equity in Financial Condition and Results of Operations sections of Adit EdTechs Annual Report on Form 10-K for the year ended December31, 2020, and other filings made with the SEC and that are No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act. 2023 Benzinga.com. The foregoing list of factors is not exhaustive. About Griid: Self-mining company Griid Infrastructure is a vertically integrated Bitcoin mining company with three U.S. facilities. The actual results or developments anticipated may not be realized or, even if 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 . The Company holds it digital currencies in cold storage solutions not connected to the internet. Adit EdTech also will file other documents regarding the proposed transaction with the SEC. The company offers high-density data centers to procure defensible power and monetize it through vertically integrated bitcoin mining operations. For investor inquiries regarding Adit EdTech and affiliates, please contact: For inquiries regarding GRIID, Public ADEX shareholders will own 9% of the combined company. 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 The deal values the combined. Readers are cautioned not to rely too heavily on the forward-looking statements contained in this communication. differ materially from those projected in the forward-looking statements. Lincoln International LLC acted as financial advisor to Adit EdTech to provide a fairness opinion. For investor inquiries regarding Adit EdTech and affiliates, please contact: John J. DAgostinoChief Financial Officerdagostino@aditedtech.com. Lincoln International LLC acted as financial advisor to Adit EdTech to provide a fairness opinion. A proxy statement will be sent to all Adit EdTech stockholders. 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 CEO and CIO of U.S. The merger is expected to close in the first quarter of 2022. This allows us to easily detect problematic rigs, and prevent overheating or hash rate drops, keeping maintenance costs to a minimum. A family-owned firm with over a century of combined financial experience, Adit Ventures is a team of professionals committed to Additional information about the proposed transaction, including a copy of the agreement, an investor presentation, and plan of merger, will be provided in a Current Report on Form 8-K to be filed by Adit EdTech today with the U.S. Securities and Exchange Commission (the SEC) and will be available at www.sec.gov. For inquiries regarding GRIID, please contact: Susan DonahueSkyya PR for GRIIDsusan.donahue@skyya.com. Just like HTTP, the original vision of Satoshi proof-of-work mining is the backbone of the whole blockchain world. Do Not Sell My Personal Data/Privacy Policy. Adit EdTechs CFO, It also maintains a portfolio of coins as inventory. Adit EdTech intends to file a proxy statement with the SEC. Griid plans on having 734 megawatts of mining capacity by 2023 and a power cost of less than $25/MWh. This press Adit EdTech intends to file a proxy statement with the SEC. The following communication was posted by David Shrier on LinkedIn: I am pleased to Adit EdTech industry advisors Cristina Dolan and Eva Kaili have notable involvement with blockchain companies and blockchain legislation, respectively. Simply put, HIVE is a cryptocurrency mining firm. Angel investor. results or developments may differ materially from those projected in the forward-looking statements. 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. 3,516 Number of Organizations $20.3B Total Funding Amount 876 Number of Investors. Adit EdTech also will file other documents regarding the proposed transaction with the SEC. filed with the SEC on April15, 2021. Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28. Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Being a first mover to list on a major public exchange was a key part of HIVEs strategy. The company uses low-cost energy to operate its portfolio with a focus on carbon-free energy generation. Adit EdTech intends to file a proxy statement with the SEC. There are more than a million miners today from "Mom and Pop's" to Governments. 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 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. Tesla CEO Elon Musk is scheduled to unveil the automaker's longterm plan at an investor day in Texas. 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 . Your weekly wrap of Web3 news and trends. please contact. 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 deal values Griid at an enterprise value of $3.3 billion. Upon completion of the proposed transaction. 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. Information regarding Adit EdTech's directors and executive officers is available in Adit EdTech's Annual Report on Form 10-Kfor the year ended December 31, 2020 Our deployments provide shareholders with exposure to the operating margins of digital currency mining as well as a portfolio of crypto-coins. Public ADEX shareholders will own 9% of the combined company. The largest inputs to mining are electricity costs and hardware. Based in Cincinnati, Ohio, GRIID is a profitable, vertically integrated bitcoin self-mining company that owns and operates a growing portfolio of energy infrastructure and bitcoin mining facilities across the United States. Plus500. 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 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. 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 Benzinga does not provide investment advice. After a decadeand massive growth in total crypto market capitalization, this consensus mechanism has proven to be stable and highly secure, and has withstood numerous hacking attempts. otherwise, will be contained in the proxy statement and other relevant materials to be filed with the SEC when they become available. Edelstein& Company, LLP acted as advisor to Adit EdTech for accounting and tax due diligence and quality of earnings assessment. 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. GRIIDs existing management team, led by President and Companies provide cloud mining services to customers who lease mining capacity for a fixed period of time to mine their own coins. 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 and the ticker GRDI on the NYSE. Upon completion of the proposed transaction. These forward looking statements speak only as of the date of this press release. 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. 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. 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