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. Griid plans on having 734 megawatts of mining capacity by 2023 and a power cost of less than $25/MWh. These forward looking statements 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 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. Adit EdTech also will file other documents regarding the proposed transaction with the SEC. All Rights Reserved. Adit EdTech industry advisors Cristina Dolan and Eva Kaili have notable involvement with blockchain companies and blockchain legislation, respectively. Fast and reliable internet access, as well as a cool climate, help to lower costs. stockholders. This press release relates to a proposed transaction between Adit EdTech and GRIID. The actual results or developments anticipated 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. 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. 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. The proposed transaction has been unanimously approved by the board of directors of Adit EdTech and 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. $525million credit facility will be used to fund GRIIDs growth and accelerate scale. This is significantly different from HIVE, which directly operates its facilities and is itself a business operator. Arthur D. Little LLC acted as advisor to Adit EdTech for technical The company is projecting 2023 revenue of $1.6 billion. 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 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). Proof-of-stake is an alternative method of fulfilling the same function as proof-of-work mining the validation of cryptocurrency transactions by having parties deposit, or stake, amounts of cryptocurrency into a smart contract. 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. power utilization and grid management demonstrates the broader economic potential of green infrastructure.. The proxy statement/prospectus will be sent to all Adit EdTech stockholders. investments that create positive change. ", David Shrier, CEO of Adit EdTech, added, "Carbon-free mining is the future of bitcoin. Be a smarter, safer investor in eight weeks. 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 Data delayed 15 minutes unless otherwise indicated (view delay times for all exchanges). You need a reliable and cheap source of electricity for your hardware. Troutman Pepper Hamilton "EEI and our member companiesAmerica's investor-owned electric companiesare at a global inflection point," said Kuhn. The deal values Griid at an enterprise value of $3.3 billion. Adit EdTech intends to file a proxy statement with the SEC. GRIID management reports that it has over 1,300 MW of power (under agreement, MOU or LOI), of which 734 This presentation includes certain statements that may constitute "forward-looking statements" within the meaning of the PrivateSecurities Litigation Reform Act of 1995. design, intend, expect, could, plan, potential, predict, seek, should, would or by variations of such words or by similar 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. 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 anticipates fiscal year 2023 revenue of $1.6 billion. 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. Securities Act. A proxy statement will be sent to all Adit EdTech GRIID, Adit EdTech and their respective directors, executive officers and employees may be deemed to be participants in the solicitation of proxies in respect The transaction is expected to provide approximately $246 million of cash at closing from Adit EdTech's trust account, after payment of Adit EdTech's transaction expenses and without giving effect to any redemptions by Adit EdTech public stockholders. (November 30, 2021) Griid Infrastructure LLC (together with GRIID Holdco (as defined below), GRIID or the Company), a vertically integrated, bitcoin self-mining company, and Adit EdTech Acquisition Corp. CINCINNATI, OH AND NEW YORK, NY Date and time. GRIID anticipates fiscal year 2023 revenue of $1.6billion. Terms of Use. "We need to get Ukraine compensated from Russian Federation as much as possible," Moskwa said at an energy conference in Croatia's capital of Zagreb. 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. financial advisor to Adit EdTech for capital markets and M&A advisory services. Additional Information and Where to Find It. Its CEO, David Shrier, has published multiple books about blockchain and fintech, created the global online fintech and blockchain Additional Information and Where to Find It. 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 stockholders. 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. 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. Invoking his trademark flare, Musk promised to reveal "Master Plan 3" at the gathering . With its unique Adit has assembled a seasoned team of industry advisors whom we believe will help us execute our differentiated investment strategy. Such statements are not guarantees of future performance and actual Based in Cincinnati, Ohio, GRIID is a profitable, Public ADEX shareholders will own 9% of the combined company. 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. 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. The current proposal for Ethereums shift to proof of stake from proof of work has a number of unknown variables, including uncertainty over timing, execution and ultimate adoption; and there is not yet a definitive plan that is established and approved. Democratic countries worldwide should make Russia pay war reparations to Ukraine and cut all financial and economic ties with Moscow, Polish Climate Minister Anna Moskwa said on Wednesday. or intention and are generally accompanied by words that convey projected future events or outcomes such as believe, may, will, estimate, continue, anticipate, Griid plans on having 734 megawatts of mining capacity by 2023 and a power cost of less than $25/MWh. 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, CEO Trey Kelly, will continue to lead the business. A GPU or graphics processing unit on the other hand, can mine many different types of cryptocurrencies and has the flexibility to switch between them. 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 Professional miner. The merger is expected to close in the first quarter of 2022. 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. All of the forward-looking statements made in this press release are expressly qualified by the cautionary statements contained or referred to herein. Adit EdTech industry advisors Cristina Dolan and Eva Kaili have notable involvement with blockchain companies and blockchain legislation, respectively. 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 EdTech's stockholders. Public ADEX shareholders will own 9% of the combined company. stockholders. 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. differ materially from those projected in the forward-looking statements. This announcement 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 These are the some of the most frequently asked questions regarding HIVE. Adit EdTech's 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. 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 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. Plus500. 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. 9,898 Number of Organizations $45.2B Total Funding Amount 1,905 Number of Investors. Many factors could cause actual future events to differ materially from the forward-looking 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. GRIID, an American infrastructure company, is a vertically integrated bitcoin self-mining company that owns and operates a growing portfolio of bitcoin mining Global Investors and Executive Chairman of HIVE. Information regarding Adit EdTechs directors and executive officers is available in Adit EdTechs Annual Report on Form 10-K for the year ended December31, 2020 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). This communication may transaction, and identify and realize additional opportunities. Related Link: 7 SPACs To Play The Rise Of Bitcoin, Cryptocurrency Stocks. 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. 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. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act. Adit EdTech Acquisition Corp. facilities across the United States. For investor inquiries regarding Adit EdTech and affiliates, please contact: John J. DAgostinoChief Financial Officerdagostino@aditedtech.com. Pursuant to Rule 425 under the Securities Act of 1933. The largest inputs to mining are electricity costs and hardware. Do Not Sell My Personal Data/Privacy Policy. 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. 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. Capital markets and M & a advisory services less than $ 25/MWh utilization and grid management demonstrates the economic... 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