Bitcoin Mining Company Griid Secures $525 Million Credit Facility From Blockchain.com
On Monday, the mining firm Griid Infrastructure announced the company has secured a $525 million credit facility from the crypto firm Blockchain.com. According to the announcement, the credit facility will be a four-year term in order to increase the company’s mining capacity.
Bitcoin Mining Infrastructure Firm to Increase Capacity With Help From Blockchain.com
Cryptocurrency mining, and more specifically bitcoin (BTC) mining, has seen millions of dollars invested during the course of the year. Enterprise operations have inked massive deals with bitcoin mining rig manufacturers like Canaan, Bitmain, and Microbt for thousands of ASIC devices. A few large bitcoin mining operators have also begun constructing new facilities in order to increase capacity.
On November 22, Griid Infrastructure announced the company has secured a $525 million credit facility from the company Blockchain.com. The financing will be used to increase mining capacity as well as “capitalizing on over 1,300 megawatts of available power from existing energy generation partners.” According to the announcement, Blockchain.com’s Institutional Markets team has crafted some of the largest credit facilities in the market.
“Blockchain.com is an established leader in the digital asset space with unique knowledge into every aspect of the crypto ecosystem, including mining operations,” Trey Kelly, Griid’s CEO and founder explained in a statement. “Blockchain.com is an ideal capital partner as we strengthen our infrastructure and operations across our growing portfolio of bitcoin mining facilities,” the mining company’s CEO added.
Griid is an American crypto mining infrastructure company that calls itself a “vertically-integrated bitcoin self-mining company.” The firm operates a portfolio of bitcoin mining data centers across the United States. Blockchain.com’s CEO Peter Smith explains that the company has worked with Griid for quite some time.
“For the past two years we’ve worked closely with Griid to not just provide capital, but to be a partner invested in the growth of the business,” Smith said during the announcement. Blockchain.com’s deal with Griid follows the company raising $300 million at the end of March, increasing its valuation to $5.2 billion.
In May, the crypto firm acquired an AI company called Artificial Intelligence Exchange and last August, Blockchain.com’s CFO hinted at the company going public in 18 months. Blockchain.com CFO Macrina Kgil also explained at the time that the company held BTC and ETH on its balance sheet.