Bitcoin mining company PrimeBlock to go public via $1.25B SPAC merger

On Friday, Bitcoin (BTC) mining institution PrimeBlock announced that it is merging with peculiar intent acquisition conveyance (SPAC) institution 10X Capital Venture Acquisition Corp II. The woody places PrimeBlock astatine an endeavor worth of $1.323 cardinal and is expected to adjacent successful the 2nd fractional of the year.

The institution has installed 1.8 exahash per 2nd of BTC self-mining company, accounting for astir 0.89% of the Bitcoin network's wide hash rate. According to PrimeBlock, its break-even terms for mining is $9,000 per coin. Back successful 2020, up to 59% of its vigor sources were carbon-free. The steadfast seeks to go carbon-neutral connected a net-zero ground by the twelvemonth 2050.

Last year, PrimeBlock brought successful $21.8 cardinal successful gross done mining 356.8 BTC. But successful 2022, the steadfast expects to make $220.1 cardinal successful revenue, oregon a forecasted 3,629 BTC, partially via rapidly expanding its mining capacities to implicit 10 exahash per second. It besides has a tiny Ethereum (ETH) mining operation, extracting 699 of specified integer assets successful 2021.

Regarding the concern agreement, Hans Thomas, president and CEO of 10X Capital, commented:

"Gaurav and the enactment squad [...] person successfully deployed implicit 110 megawatts of information halfway capableness and generated much than $24 cardinal of gross successful the 4th quarter. They person built beardown relationships with cardinal partners [...] with a committedness to net-zero c emissions by 2050."