Bitcoin Mining Firm Griid closes $525M Credit Facility
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During the course of the year, cryptocurrency (especially bitcoin (BTC) mining, has seen millions of dollars invested.
Enterprise operations have secured massive deals with bitcoin mining manufacturers like Canaan, Microbt, Bitmain, for thousands of ASIC devices. To increase their mining capacities, bitcoin miners have been building new facilities.
Griid Infrastructure, a bitcoin mining company announced on November 22 that it has closed a $525 million credit facility from Blockchain.com.
The financing will be channeled into increasing mining capacity. Blockchain.com’s Institutional Markets team has also crafted and created some of the largest credit facilities in the market.
Trey Kelly, Griid’s CEO and founder explained in a statement “Blockchain.com is a leader in the digital space with unique knowledge into every aspect of the crypto ecosystem, including mining operations”.
He also added that the platform is an ideal partner as we build operations and our infrastructure across our growing portfolio of bitcoin mining facilities.
Griid calls itself a “vertically-integrated bitcoin and self-mining company.” It is an American cryptocurrency mining infrastructure company that operates a portfolio of BTC mining data centers across the United States. The company has worked with Griid for quite some time, says Peter Smith, CEO Blockchain.com
We’ve worked closely with Griid for the past two years, to not just provide capital, but to be a partner interested and invested in the growth and progress of the business, Smith said during the announcement.
Prior to this recent raise, Griid had previously raised more than $300 million and is now valued at $5.2 billion.
Last August, the CFO at Blockchain.com, Macrina Kgil hinted at the company going public in 18 months just before the crypto firm purchased an AI company Artificial Intelligence Exchange in May.
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