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Investors Capital Structure Reporting Presentation Filings FAQ. Probing the intersection of crypto and government. These forward looking statements speak only as of the date of this press release. public bitcoin miners at the lowest cost of scaled production. 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. 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 . Growth Ahead: Transaction proceeds from going public are expected to help fund the companys growth plans. . 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 . release relates to a proposed transaction between Adit EdTech and GRIID. Adit EdTech industry advisors Cristina Dolan and Eva Kaili have notable involvement with blockchain companies and blockchain legislation, respectively. design, intend, expect, could, plan, potential, predict, seek, should, would or by variations of such words or by similar transaction between Adit EdTech and GRIID. 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. 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., Eric Munson, Adits founder and Managing Partner, said, GRIIDs focus on utilizing next generation computing power for more efficient clean 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. (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. Merging with blank-check companies has become a popular strategy for bitcoin miners seeking to go public, and Griid is the latest to jump on that bandwagon. 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. Many factors could cause actual future events to differ materially from the forward-looking Adit Ventures offers curated and professionally managed access to equity in 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. 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. More information on how Adit is helping build a portfolio of private growth emerging market leaders can be found at www.AditVentures.com. Readers are cautioned not to rely too heavily on the forward-looking statements contained in this communication. We currently mine Ethereum, Ethereum Classic and Bitcoin. 3,516 Number of Organizations $20.3B Total Funding Amount 876 Number of Investors. Evolve Security, LLC acted as cybersecurity advisor to Adit EdTech for external, internal and wireless security testing and assessment. "EEI and our member companiesAmerica's investor-owned electric companiesare at a global inflection point," said Kuhn. 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. HIVE owns state-of-the-art green energy-powered data centrefacilities in Canada, Sweden and Iceland, which produce newly minted digital currencies like Bitcoin and Ethereum continuously on the cloud. The Company holds it digital currencies in cold storage solutions not connected to the internet. Griid Profile and History . 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. 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. 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. GRIID management reports that it has over 1,300 MW of power (under agreement, MOU or LOI), of which 734 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. Fast and reliable internet access, as well as a cool climate, help to lower costs. 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 Adit EdTechs CFO, 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 InnovationInstitute. 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. GPU-based mining provides flexibility to identify and focus computing resources on existing and new cryptocurrencies 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. HIVE offers shareholders exposure to the operating margins from cryptocurrency mining plus a growing portfolio of coins. 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 For investor inquiries regarding Adit EdTech and affiliates, please contact: John J. GRIID's existing management team, led by President and CEO Trey Kelly, will continue to lead the business. filed with the SEC on April15, 2021. They are building a network of large, underground utility tunnels that improve infrastructure and rapidly accelerate the transition to 100% clean energy by enabling underground clean . Benzinga does not provide investment advice. What financial advisors need to know about crypto. Frank Holmes, CEO and CIO of U.S. A proxy statement will be sent to all Adit EdTech stockholders. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act. The $246 million of anticipated net transaction proceeds, assuming no redemptions, and an existing $525 million credit facility will be used to fund GRIIDs growth and accelerate scale. More information on how Adit is helping build a portfolio of private growth emerging market leaders can be found at www.AditVentures.com. Plus500. 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. RT=Real-Time, EOD=End of Day, PD=Previous Day. Troutman Pepper Hamilton Sanders LLP acted as legal advisor to GRIID. available on the SECs website at www.sec.gov. Public markets are a huge untapped opportunity to finance the growth of the blockchain sector and HIVE. 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 This presentation includes certain statements that may constitute "forward-looking statements" within the meaning of the PrivateSecurities Litigation Reform Act of 1995. There are two main categories of computing hardware used to mine: ASIC-based and GPU-based. competitors, changes in laws 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 GRIID management reports that it has over 1,300 MW of power (under agreement, MOU or LOI), of which 734 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. A proxy statement will be sent to all Adit EdTech stockholders. The merger is expected to close in the first quarter of 2022. Adit EdTech also will file other documents regarding the proposed transaction with the SEC. 9,898 Number of Organizations $45.2B Total Funding Amount 1,905 Number of Investors. Secure Your Seat. Supporting the growth of carbon-free, renewable energy generation. Please review the disclaimers carefully and other important information found in the press The company is projecting 2023 revenue of $1.6 billion. How Ethereum's evolution impacts crypto markets. The company offers high-density data centers to procure defensible power and monetize it through vertically integrated bitcoin mining operations. GRIIDs 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., Eric Munson, Adits founder and Managing Partner, said, GRIIDs focus on utilizing next generation computing power for more efficient clean power utilization and grid management demonstrates the broader economic potential of green infrastructure.. 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 Upon completion of the proposed transaction. Related Link: 7 SPACs To Play The Rise Of Bitcoin, Cryptocurrency Stocks. of the proposed transaction. The proposed transaction has been unanimously approved by the board of directors of Adit EdTech and the board of managers of GRIID Holdco. 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. 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. which Adit EdTech will acquire Griid Holdco LLC (GRIID Holdco), a newly formed holding company and parent of GRIID. Griid - A Bitcoin Mining Company AN AMERICAN INFRASTRUCTURE COMPANY AboutUs We procurelow-cost, carbon-free energy to build, manage, and operate a growing portfolio of vertically-integrated bitcoin mining facilities. Sign up for Valid Points, our weekly newsletter breaking down Ethereums evolution and its impact on crypto markets. conditions to the consummation of the transaction, including the adoption of the merger agreement by the stockholders of Adit EdTech and the receipt of certain governmental and regulatory approvals, (iv)the lack of a third party valuation in 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 . 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. 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 We refer you to the Risk Factors and Managements Discussion and Analysis of Financial Condition and Results of 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. The SPAC Deal: Griid Infrastructure announced a merger with Adit Edtech Acquisition Corp (NYSE:ADEX). Terms of Use. Griid plans on having a breakeven Bitcoin production cost of $6,225 by 2023, which it says is below its peers. The capital markets have very few options for investors to participate in the blockchain sector, and HIVE provides a unique opportunity to do so. SEC by Adit EdTech through the website maintained by the SEC at www.sec.gov. Covington& Burling LLP acted as legal advisor to Adit EdTech. Covington & Burling LLP acted as legal advisor to Adit EdTech. 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 the completion of the proposed CINCINNATI, OH AND NEW YORK, NY 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 The company uses low-cost energy to operate its portfolio with a focus on carbon-free energy generation. This communication may The merger is expected to close in the first quarter of 2022. 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 stockholders. 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 EdTech also will file 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 following communication was posted by David Shrier on LinkedIn: I am pleased to This is the main distinction from HIVE. It provides equity shareholders a way of getting exposure to the crypto world through a traditional investment vehicle. The foregoing list of factors is not exhaustive. Covington & Burling LLP acted as legal advisor to Adit EdTech. Follow. Adit EdTech intends to file a proxy statement with the SEC. 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. solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. 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. Griid plans on having a breakeven. Legal Name Griid Infrastructure LLC. The biggest crypto news and ideas of the day. The transformation of value in the digital age. Evolve Security, LLC acted as cybersecurity advisor to Adit EdTech for external, A . The company is projecting 2023 revenue of $1.6 billion. Head to consensus.coindesk.com to register and buy your pass now. On a larger scale, investor-owned utilities in some regions of the United States have recently begun offering "Community Resiliency" programs wherein a commercial-scale customer (often a school, church or community center) hosts utility-owned solar-plus-storage system, which can provide economic and resilience benefits for the customer, the . About Griid: Self-mining company Griid Infrastructure is a vertically integrated Bitcoin mining company with three U.S. facilities. 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. Nov. 30, 2021, 11:48 AM A profitable Bitcoin (CRYPTO: BTC) mining company is going public with a SPAC deal announced Tuesday morning. The original communications protocol for the Internet HTTP is still in use today notwithstanding the introduction of more efficient protocols. 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 EdTechs securities, 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. ADEX Price Action: ADEX shares were up 1.22% at $9.97 late Tuesday morning. For investor inquiries regarding Adit EdTech and affiliates, please contact: For inquiries regarding GRIID, The deal values Griid at an enterprise value of $3.3 billion. Everyday HIVE earns new crypto coins which it can monetize for revenue and cash flow. Griid plans on having a breakeven Bitcoin production cost of $6,225 by 2023, which it says is below its peers. . Companies provide cloud mining services to customers who lease mining capacity for a fixed period of time to mine their own coins. 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. This is where GRIID Infrastructure's plan to revolutionize how Bitcoin is mined comes in. HIVE is a relatively new public company that uses high powered computing assets to mine cryptocurrencies like Ethereum and Bitcoin on the cloud. D'AgostinoChief Financial Officerdagostino@aditedtech.com. offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. 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