The biggest crypto news and ideas of the day. Follow. The $246 million of anticipated net transaction proceeds, assuming no redemptions, and an existing $525 million credit facility will be used to fund GRIID's growth and accelerate scale. or intention and are generally accompanied by words that convey projected future events or outcomes such as believe, may, will, estimate, continue, anticipate, Adit EdTech industry advisors Cristina Dolan and Eva Kaili have notable involvement with blockchain companies and blockchain legislation, respectively. Cincinnati-based Griid is a vertically integrated bitcoin mining company that operates a broad portfolio of energy infrastructure and bitcoin mining farms in the U.S. 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 Companies provide cloud mining services to customers who lease mining capacity for a fixed period of time to mine their own coins. 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 otherwise, will be contained in the proxy statement and other relevant materials to be filed with the SEC when they become available. InnovationInstitute. What is HIVEs approach to selling versus hoarding coins. Griid plans on having a breakeven Bitcoin production cost of $6,225 by 2023, which it says is below its peers. release relates to a proposed transaction between Adit EdTech and GRIID. More information on how Adit is helping build a portfolio of private growth emerging market leaders can be found at www.AditVentures.com. After the merger, the new company will trade as GRIID Infrastructure Inc and the ticker GRDI on the NYSE. The largest inputs to mining are electricity costs and hardware. substantially realized, they may not have the expected consequences to or effects on GRIID, Adit EdTech or their respective businesses or operations. 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 Adit Ventures offers curated and professionally managed access to equity in private firms that the principals believe are driving today's market and shaping tomorrow's economy. 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. Infrastructure Inc. and be listed on the NYSE under the new ticker symbol GRDI. Additional information about the proposed transaction, including a copy of the agreement, an investor presentation, and plan of merger, Earth Grid Virtual Investor Presentation Wednesday March 8th at Noon. Before making any voting decision, investors and security holders of Adit EdTech are urged to read the Evolve Security, LLC acted as cybersecurity advisor to Adit EdTech for external, Additional Information and Where to Find It. 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. Troutman Pepper Hamilton Sanders LLP acted as legal advisor to GRIID. Troutman Pepper Hamilton Sanders LLP acted as legal advisor to GRIID. Investors Capital Structure Reporting Presentation Filings FAQ. Announces Adjournment of Special Meeting to Approve Extension Proposal. Readers are cautioned not to rely too heavily on the forward-looking statements contained in this press release. and commercial due diligence. Adit EdTech also will file other documents regarding the proposed transaction with the SEC. GRIID anticipates fiscal year 2023 revenue of $1.6 billion. potential, predict, seek, should, would or by variations of such words or by similar expressions. The foregoing list of factors is not exhaustive. 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. Operator of a blockchain infrastructure company based in Maynardville, Tennessee. What is the difference between GPU-based and ASIC-based mining? 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 All of the forward-looking statements made in this press release are expressly qualified by the cautionary statements contained or referred to herein. 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 communication are expressly qualified by the cautionary statements contained or referred to herein. vertically integrated bitcoin self-mining company that owns and operates a growing portfolio of energy infrastructure and bitcoin mining facilities across the United States. 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. 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 of the proposed transaction. 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, 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. Just like HTTP, the original vision of Satoshi proof-of-work mining is the backbone of the whole blockchain world. Lincoln International LLC acted as financial advisor to Adit EdTech to provide a fairness opinion. The proposed transaction values the combined company at an implied fully diluted pro forma enterprise value of approximately $3.3billion, assuming no 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). of the proposed transaction. CINCINNATI and NEW YORK, Nov. 30, 2021 (GLOBE NEWSWIRE) -- 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. ("Adit EdTech") ADEX ADEX.U, and ADEX.WS))), a special purpose acquisition company sponsored by an affiliate of Adit Ventures, LLC ("Adit"), announced today that they have entered into a definitive merger agreement under which Adit EdTech will acquire Griid Holdco LLC ("GRIID Holdco"), a newly formed holding company and parent of GRIID. 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 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. 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. a bitcoin mining company | building america's leading, vertically-integrated bitcoin mining company CoinDesk journalists are not allowed to purchase stock outright in DCG. 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. Sanders LLP acted as legal advisor to GRIID. Bitcoin mining startup GRIID has inked a deal with the world's largest chipmaker, Intel, to mine Bitcoin using energy-efficient methods, FOX Business has learned. 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). 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 the combined company is expected to operate under the name GRIID Griid plans on having a breakeven Bitcoin production cost of $6,225 by 2023, which it says is below its peers. 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. GRIID management reports that it has over 1,300 MW of power (under agreement, MOU or LOI), of which 734 The actual results or developments anticipated 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. Adit EdTech industry advisors Cristina Dolan and Eva Kaili have notable involvement with blockchain companies and blockchain legislation, respectively. Plus500. Securities filings can be found on SEC EDGAR at www.sec.gov), Additional Information and Where to Find It. transaction between Adit EdTech and GRIID. Arthur D. Little LLC acted as advisor to Adit EdTech for technical and commercial due diligence. Arthur D. Little LLC acted as advisor to Adit EdTech for technical Such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. GRIIDs combination of a large Wells Fargo Securities LLC, acted as the financial advisor to Adit EdTech for capital markets and M&A advisory services. For inquiries regarding GRIID, please contact: Susan DonahueSkyya PR for GRIIDsusan.donahue@skyya.com. Readers are cautioned not to rely too heavily on the forward-looking statements contained in this press release. 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 $525million credit facility will be used to fund GRIIDs growth and accelerate scale. Griid. Adit EdTech intends to file a proxy statement with the SEC. These statements express a belief, expectation How Ethereum's evolution impacts crypto markets. These forward looking statements speak only as of the date of These forward looking statements differ materially from those projected in the forward-looking statements. 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 merger is expected to close in the first quarter of 2022. The $246million of anticipated net transaction proceeds, assuming no redemptions, and an existing 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 All of the forward-looking statements made in this press release are expressly qualified by the cautionary statements contained or referred to herein. 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 speak only as of the date of this communication. 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. transaction, and identify and realize additional opportunities. After the merger, the new company will trade as GRIID Infrastructure Inc and the ticker GRDI on the NYSE. More information on how Adit is helping build a portfolio of private growth emerging market leaders can be found at www.AditVentures.com. 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). redemptions of shares of Adit EdTech by its public stockholders and approximately $125million of debt outstanding as of the closing (which debt is drawn down under GRIIDs $525million secured credit facility with Blockchain.com). 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. Upon completion of the proposed transaction. Upon completion of the proposed transaction. 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 Adit EdTech's CFO, John D'Agostino, founded and leads the AIMA Digital Asset Working Group, is Chair of the of the UK Government's Department International Trade's Asset Management Working Group, and is Fellow of the AIF Global Financial InnovationInstitute. 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