Bitcoin mining firm named Griid Infrastructure announced on Monday that a $525 million credit facility had been secured by the company from the crypto company Blockchain.com. The announcement dictated that this credit facility would be available for four years and would help the company in expanding its mining capacity. During the course of this year, millions of dollars have been invested in cryptocurrency mining, more specifically Bitcoin mining, as it is the world’s most valuable cryptocurrency in the world. Massive deals have been signed by enterprise operations with bitcoin mining rig manufacturers, such as Bitmain, Canaan, as well as Microbt for obtaining thousands of ASIC devices.
In fact, some of the bigger bitcoin mining operators have also begun construction of new facilities for the purpose of increasing capacity. Griid Infrastructure announced on November 22nd that they had managed to secure a credit facility worth $525 million from Blockchain.com. Not only will they use the financing for expanding their credit facility, but will also capitalize on more than 1,300 megawatts of power that are available from their existing energy generation partners. The announcement dictated that the Institutional Markets team of Blockchain.com had come up with some of the largest credit facilities that can be found in the market.
The founder and chief executive officer of Griid, Trey Kelly said that Blockchain.com is considered a leader in the crypto space and possesses unique knowledge about every aspect of the digital assets, which includes their mining operations. The CEO of the mining company added that Blockchain.com was an excellent capital partner because they are trying to strengthen their infrastructure and operations over their expanding portfolio of crypto mining facilities. Griid is essentially a crypto mining infrastructure firm based in the US that refers to itself as a bitcoin self-mining company that’s vertically integrated.
The company is operating an entire portfolio of bitcoin mining centers that are spread across the United States. Peter Smith, the chief executive at Blockchain.com, said that their company has worked with Griid for quite a while. He elaborated that they have worked with the mining company for the past two years not only for providing capital, but also to be a partner in the growth of the business. During the announcement, Smith said that the deal signed between Blockchain.com and Griid comes after $300 million were raised by the company at the end of March, which brought its total valuation to about $5.2 billion.
The crypto company had made another acquisition back in May of an AI company that’s known as Artificial Intelligence Exchange. Likewise, the CFO at Blockchain.com had hinted in August of 2020 that the company could actually go public in as early as 18 months. Macrinas Kgil, the CFO at Blockchain.com had also explained back then that the company also owned some Bitcoin as well as Ethereum and they were part of their balance sheet.
This credit facility is another indication of the rapidly expanding crypto mining industry throughout the world, even as China has imposed a complete ban on this activity.