In a filing with the US Securities and Exchange Commission on Tuesday, the acquirer or SPAC, Adit EdTech Acquisition Corp., announced that it will merge with the mining company. SPACs are blank check companies established with the sole purpose of acquiring other companies. Upon successful completion, Griid will be listed on the New York Stock Exchange under the symbol GRDI. The deal is expected to close in the first quarter of next year.

According to his investor presentation, Griid expects to mine 637 BTC this year with a total hash rate of 187 petahashes per second (PH / s) from all miners combined. By 2024, the company expects to mine 24,348 BTC per year, with a total hash rate of over 26,180 PH / s. In context, the total hash rate of the entire Bitcoin network is currently around 156,000 PH / s.

The company also claims that the newly developed chips in their miners can outperform one of the best integrated circuit bitcoin application-specific mining devices available, the S19 Pro. Comparing its proprietary machine to the S19 Pro, Griid boasts that it is 15% more efficient, 50% cheaper and delivers a 130% higher gross profit per year. Currently, around 70% of the company’s Bitcoin mining is carbon-free.

Trey Kelly, CEO of GRIID, commented on the development as follows:

We’re building an American infrastructure company with the largest dedicated carbon-free energy supply among public Bitcoin miners with the lowest production costs.

David Shrier, CEO of Adit EdTech added:

Carbon-free mining is the future of Bitcoin. GRIID’s combination of an inexpensive, carbon-free massive power system, exceptional access to next-generation ASICs, and a market-leading execution position for profitability and attractive growth.

Network business indicators | Source: Presentation by the company’s investor

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