Bitcoin Miner Griid Infrastructure Could Go Public via SPAC

Bitcoin miner Griid Infrastructure is negotiating with blank-check firm Adit EdTech Acquisition Corp. about a possible special purpose acquisition company (SPAC) merger that would value the company at more than $3 billion, Bloomberg reported Wednesday (Nov. 24), citing anonymous sources.

Spokespeople for Adit EdTech and Cincinnati-based Griid declined comment to Bloomberg on the talks, which are still fluid and could change, according to the report.

Griid uses carbon-free energy to manage, build and operate U.S.-based bitcoin mining facilities, the report stated. The company announced earlier this week that it nailed down a $525 million facility from Blockchain.com that will help it scale and increase capabilities during a four-year term.

Adit EdTech raised $276 million through its initial public offering (IPO) in January and in August added industry advisers.

In other news, Swedish financial and environmental regulators are pushing the European Union to call off proof-of-work bitcoin mining because of the negative environmental effects.

Read more: Sweden Calls on Europe to Pull the Plug on Bitcoin Mining

Erik Thedéen, director general of the Financial Services Authority of Sweden, and Bjorn Risinger, director general of the Swedish Environmental Protection Agency, said they are worried that crypto mining will cause the country to be unable to meet climate obligations.

Crypto mining in Sweden ramped up between April and August, and the required electricity could run 200,000 households. Miners moved to Sweden and other countries when Chinese officials started to crack down on crypto mining.

Swedish regulators want the EU to ban all proof-of-work mining since other methods are said to reduce energy consumption by more than 99%. They also want Sweden to stop allowing new locations that use energy-intensive coin minting methods.

Last month, Australian bitcoin miner Iris Energy filed to raise $100 million via direct listing in the U.S. The bitcoin mining market is worth $16 billion annually, the company said in its filing.

See more: Bitcoin Miners, Neobanks File to Bring Shares Public