What are the keys to successful crypto mining? Public ADEX shareholders will own 9% of the combined company. 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 the combined company is expected to operate under the name GRIID Infrastructure Inc. and be listed on the NYSE under the new ticker symbol GRDI. Please review the disclaimers carefully and other important information found in the press 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. Pursuant to Rule 425 under the Securities Act of 1933. 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. All of the forward-looking statements made in this press release are expressly qualified by the cautionary statements contained or referred to herein. 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. Plus500. Griid Profile and History . Adit EdTech also will file other documents regarding the proposed transaction with the SEC. Days after an initial report, Griid Infrastructure has confirmed plans to go public, with the Cincinnati-based bitcoin mining startup valued at $3.3 billion. 2023 Benzinga.com. Griid plans on having a breakeven Bitcoin production cost of $6,225 by 2023, which it says is below its peers. 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 or intention and are generally accompanied by words that convey projected future events or outcomes such as believe, may, will, estimate, continue, anticipate, 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 . Assuming no redemptions, current GRIID equity holders will own approximately 90%, Adit EdTech public 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. 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 stockholders. By signing up, you will receive emails about CoinDesk product updates, events and marketing and you agree to our, Australias Central Bank Taps Mastercard and Others to Test CBDC Use Cases, Bitcoin, Ether Settle Into a Range as Indicators Point Neutral, Digital Asset Investment Products AUM in February Reaches Highest Level Since May 2022, Crypto Bank Charter Firm Protego Trust Lays Off Most of Its Workforce: Source. Related Link: 7 SPACs To Play The Rise Of Bitcoin, Cryptocurrency Stocks. These forward looking statements speak only as of the date of Covington & Burling LLP acted as legal advisor to Adit EdTech. Market Data copyright 2023 QuoteMedia. 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. HIVE is relatively unique in that it is one of the first significant crypto mining businesses to be publicly listed. Adit EdTech is a publicly listed The deal values Griid at an enterprise value of $3.3 billion. It also maintains a portfolio of coins as inventory. could give rise to the termination of the merger agreement, (vi)the effect of the announcement or pendency of the transaction on GRIIDs business relationships, operating results, and business generally and on Adit EdTechs stock 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. Assuming no redemptions, current GRIID equity holders will own approximately 90%, Adit EdTech public stockholders will own approximately 8% and Adit EdTech's sponsor will own approximately 2% of the outstanding shares of voting stock of the combined company at closing, respectively. 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. 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. prior to registration or qualification under the securities laws of such state or jurisdiction. Additional Information and Where to Find It. News and analysis for the professional investor. A family-owned firm with over a century of combined financial experience, Adit Ventures is a team of professionals committed to we expect proof-of-work mining and data centre infrastructure like HIVE's will always be an essential component of the blockchain and . regulations affecting Adit EdTechs or GRIIDs business, and changes in the combined capital structure, (xi)GRIIDs inability to implement its business plan or meet or exceed its financial projections, (xii)changes in 2022 Griid Infrastructure LLC. Adit Ventures is an investment This makes it more efficient than, The second-gen Intel miner doesn't beat out, It is unclear whether Intel will be selling exactly the same mining rigs to all of its customers. 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. CINCINNATI, OH AND NEW YORK, NY vertically integrated bitcoin self-mining company that owns and operates a growing portfolio of energy infrastructure and bitcoin mining facilities across the United States. 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 For investor inquiries regarding Adit EdTech and affiliates, please contact: For inquiries regarding GRIID, Adit EdTech also will file other documents regarding the proposed transaction with the SEC. What is HIVEs approach to selling versus hoarding coins. HIVE is a relatively new public company that uses high powered computing assets to mine cryptocurrencies like Ethereum and Bitcoin on the cloud. 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. Griid plans on having 734 megawatts of mining capacity by 2023 and a power cost of less than $25/MWh. Global Investors and Executive Chairman of HIVE. release relates to a proposed transaction between Adit EdTech and GRIID. the board of managers of GRIID Holdco. We refer you to the Risk Factors and Managements Discussion and Analysis of Financial Condition and Results of Operations sections of Adit EdTechs 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 SECs website at www.sec.gov. Such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. We refer you to the Risk Factors and Managements Discussion and Analysis of Financial Condition and Results of 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. 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 This presentation includes certain statements that may constitute "forward-looking statements" within the meaning of the PrivateSecurities Litigation Reform Act of 1995. Everyday HIVE earns new crypto coins which it can monetize for revenue and cash flow. "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. Bitcoin miner Griid Infrastructure is in talks to go public through a merger with a special purpose acquisition company, according to people with knowledge of the matter. How Ethereum's evolution impacts crypto markets. 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 (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. 2 Legal Disclaimer This presentation (the "presentation") has been prepared for use by Good Works Acquisition Corp. ("Good Works") and Cipher Mining Technologies Inc. ("Cipher" or the "Company") in connection with their proposed business . 2023 Benzinga.com. A proxy statement will be sent to all Adit EdTech stockholders. The biggest crypto news and ideas of the day. Adit Ventures offers curated and professionally managed access to equity in Your weekly wrap of Web3 news and trends. ADEX Price Action: ADEX shares were up 1.22% at $9.97 late Tuesday morning. Many factors could cause actual future events to differ materially from the forward-looking statements in this communication, including but not limited to: (i)the risk that the transaction may not be completed in a timely manner After the merger, the new company will trade as GRIID Infrastructure Inc . These forward looking statements speak only as of the date of this press release. By signing up, you will receive emails about CoinDesk products and you agree to ourterms & conditionsandprivacy policy. 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. Simply put, HIVE is a cryptocurrency mining firm. GRIIDs existing management team, led by President and CEO Trey Kelly, will continue to lead the business. stockholders. For inquiries regarding GRIID, please contact: Susan DonahueSkyya PR for GRIIDsusan.donahue@skyya.com. 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 What financial advisors need to know about crypto. Frank Holmes, CEO and CIO of U.S. GRIID anticipates fiscal year 2023 revenue of $1.6 billion. Terms of Use. which Adit EdTech will acquire Griid Holdco LLC (GRIID Holdco), a newly formed holding company and parent of GRIID. 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. Edelstein & Company, LLP acted as advisor to Adit EdTech for accounting and tax due diligence and quality of earnings assessment. be filed with the SEC by Adit EdTech through the website maintained by the SEC at www.sec.gov. Founded in 2018, GRIID Infrastructure is 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. 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. Description. March 2021 Good Works . 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. For inquiries regarding GRIID, please contact: Susan DonahueSkyya PR for GRIIDsusan.donahue@skyya.comView source version on GlobalBusinesswire.com: https://www.globenewswire.com/news-release/2021/11/30/2342749/0/en/Bitcoin-Self-Miner-Griid-Infrastructure-to-List-on-the-NYSE-Through-Merger-With-Adit-Edtech-Acquisition-Corp.html. as amended (the Securities Act), and Section21E of the Securities Exchange Act of 1934, as amended. GRIID anticipates fiscal year 2023 revenue of $1.6billion. Earth Grid Virtual Investor Presentation Wednesday March 8th at Noon. Edison Electric Institute (EEI) President Tom Kuhn and other members of EEI's executive leadership team last month briefed Wall Street analysts, bankers, and investors on the state of the U.S. electric power industry. 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 of the proposed transaction. A proxy statement will be sent to all Adit EdTech stockholders. What is the difference between GPU-based and ASIC-based mining? 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. the SEC in connection with the proposed transaction as they become available because they will contain important information about the proposed transaction. We validate transactions on blockchain networks like Ethereum for rewards paid in cryptocurrencies. To learn more, visit griid.com. View source version on GlobalBusinesswire.com: https://www.globenewswire.com/news-release/2021/11/30/2342749/0/en/Bitcoin-Self-Miner-Griid-Infrastructure-to-List-on-the-NYSE-Through-Merger-With-Adit-Edtech-Acquisition-Corp.html. Supporting the growth of carbon-free, renewable energy generation. This press release relates to a proposed transaction between Adit EdTech and GRIID. Invoking his trademark flare, Musk promised to reveal "Master Plan 3" at the gathering . All rights reserved. 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. transaction, and identify and realize additional opportunities. Nov 30 (Reuters) - Bitcoin miner Griid Infrastructure said on Tuesday it would go public by merging with blank-check firm Adit EdTech Acquisition Corp (ADEX.N) in a deal valuing the combined. The average price target is 32.31 with a high forecast of 36.89 and a low forecast of 27.52.The average price target represents a change from the last price of . private firms that the principals believe are driving todays market and shaping tomorrows economy. 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. The company is projecting 2023 revenue of $1.6 billion. 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 Adit EdTech also will file other documents regarding the proposed transaction with the SEC. Companies provide cloud mining services to customers who lease mining capacity for a fixed period of time to mine their own coins. Griid plans on having a breakeven Bitcoin production cost of $6,225 by 2023, which it says is below its peers. 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 available on the SECs website at new information, future events or otherwise. Its CEO, David Shrier, has published multiple books about blockchain and fintech, created the global online fintech and blockchain 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. . Troutman Pepper Hamilton proxy statement/prospectus 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. The merger between GRIID and Adit EdTech Acquisition Corp. (ADEX) represents a pro forma combined Track . 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 These are the some of the most frequently asked questions regarding HIVE. Benzinga does not provide investment advice. Our sponsor is an affiliate of Adit Ventures, LLC, or Adit, an investment adviser whose principals have combined investment experience of over 150 years and a track record of value creation in portfolio companies operating in the public markets. . determining whether or not to pursue the proposed transaction, (v)the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement, (vi)the effect of. of the proposed transaction. speak only as of the date of this communication. offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. An investor presentation and 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 GRIID anticipates fiscal year 2023 revenue of $1.6 billion. Adit EdTech intends to file a proxy statement with the SEC. 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. Adit EdTechs CFO, Adit Ventures is an investment adviser whose principals have combined investment experience of over 150 years and a track record of value creation in portfolio companies operating in the public markets. Before making any voting decision, investors and security holders of Adit EdTech are urged to read the 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. The presentation doesn't specifically identify the miner as Intel's, but Griid is known to be working with Intel based on a previously published supply agreement and Intel's own statements. ", David Shrier, CEO of Adit EdTech, added, "Carbon-free mining is the future of bitcoin. | Learn more about Harry Sudock's work . InnovationInstitute. Sanders LLP acted as legal advisor to GRIID. If Ethereums shift to proof of stake were to occur, HIVEs GPU-based mining provides flexibility to identify and focus computing resources on existing and new cryptocurrencies including those using the proof-of-work standard 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. All rights reserved. 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. Adit EdTech also will file other documents regarding the proposed transaction with the SEC. CEO Trey Kelly, will continue to lead the business. These statements express a belief, expectation The chip giant's entrance into the mining rig game is expected to break a supply side dominated by a few companies. Wells Fargo Securities LLC, acted as the financial advisor to Adit EdTech for capital markets and M&A advisory services. All of the forward-looking statements made in this press release are expressly qualified by the cautionary statements contained or referred to herein. 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. 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. stockholders. The Company holds it digital currencies in cold storage solutions not connected to the internet. Griid Infrastructure General Information. 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. Sign up for Valid Points, our weekly newsletter breaking down Ethereums evolution and its impact on crypto markets. The company is projecting 2023 revenue of $1.6 billion. All Rights Reserved. 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. Its CEO, David Shrier, has published multiple books about blockchain and fintech, created the global online fintech and blockchain programs for the Massachusetts Institute of Technology and the University of Oxford, and serves as a non-executive director of blockchain infrastructure company Copper Technologies. 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. instituted against GRIID or against Adit EdTech related to the merger agreement or the proposed transaction, (ix)the ability to maintain the listing of Adit EdTechs securities on a national securities exchange, (x)the price of Adit With its unique 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 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 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. 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 potential, predict, seek, should, would or by variations of such words or by similar expressions. 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 three firms known to have secured supply agreements with the chip giant. EX-99.2 6 ea136931ex99-2_goodworks.htm INVESTOR PRESENTATION Exhibit 99.2 . 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. More information on how Adit is helping build a portfolio of private growth emerging market leaders can be found at www.AditVentures.com. Benzinga does not provide investment advice. 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. GRIID anticipates fiscal year 2023 revenue of $1.6 billion. Just like HTTP, the original vision of Satoshi proof-of-work mining is the backbone of the whole blockchain world. a bitcoin mining company | building america's leading, vertically-integrated bitcoin mining company 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. The actual results or developments anticipated may not be realized or, even if Data delayed 15 minutes unless otherwise indicated (view delay times for all exchanges). 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 Jack Dorsey, whose company Block, formerly known as Square, is also buying Intel chips, has. Market Data powered by QuoteMedia. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act. 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. Edelstein & company, LLP acted as advisor to Adit EdTech and GRIID M & a advisory.... Spacs to Play the Rise of Bitcoin shaping tomorrows economy requirements of the forward-looking statements public company that high... That the principals believe are driving todays market and shaping tomorrows economy cold storage solutions not connected the... Means of a prospectus meeting the requirements of the forward-looking statements made in this release. 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