Griid Infrastructure, a mining company, stated on Monday that it has acquired a $525 million credit facility from the cryptocurrency firm Blockchain.com. The credit facility will have a four-year tenure, according to the announcement, and will be order to increase the company's mining capacity.
Millions of dollars have been invested in cryptocurrency mining, notably bitcoin (BTC) mining, during the course of the year. Thousands of ASIC devices have been purchased by enterprise operations from bitcoin mining rig vendors such as Canaan, Bitmain, and Microbt. In order to increase capacity, a few significant bitcoin mining companies have started constructing new facilities.
Griid Infrastructure stated on November 22 that it had received a $525 million credit facility from Blockchain.com.
The funds will be used to expand mining capacity and "capitalise on approximately 1,300 megawatts of accessible power from existing energy generation partners," according to the company. The announcement claims that Blockchain.com's Institutional Markets team has created some of the market's largest credit facilities.
Griid's CEO and founder, Trey Kelly, said in a statement that "Blockchain.com is an established leader in the digital asset industry with unique knowledge into every part of the crypto ecosystem, including mining operations."
The mining company's CEO noted, "Blockchain.com is an appropriate financing partner as we expand our infrastructure and operations across our increasing network of bitcoin mining facilities."
Griid is a crypto mining infrastructure company based in the United States that describes itself as a "vertically-integrated bitcoin self-mining corporation." The company owns and manages a number of bitcoin mining data centres throughout the United States. According to Blockchain.com's CEO Peter Smith, the company has been working with Griid for quite some time.
"We've worked closely with Griid for the past two years to not just offer finance, but to be a partner invested in the business's future," Smith said during the announcement. The agreement with Griid comes after Blockchain.com raised $300 million in March, bringing its valuation to $5.2 billion.
The crypto firm bought Artificial Intelligence Exchange in May, and last August, Blockchain.com's CFO speculated that the company will go public in 18 months. Macrina Kgil, the CFO of Blockchain.com, also stated at the time that the company had BTC and ETH on its balance sheet.
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