BTC Mining Firm GRIID Receives $525 Million Credit Facility from Blockchain.comNovember 22, 2021
A vertically integrated BTC self-miner, GRIID Infrastructure announced today that it has secured a credit facility worth $525 million from blockchain.com, one of the world’s most valuable cryptocurrency firms.
The four-year term credit facility will help GRIID in the extension of its mining capabilities. The BTC mining platform is planning to increase its capacity significantly through the latest funding. Founded in 2018, GRIID is an American infrastructure company based in Cincinnati.
In the past few months, the company has taken several initiatives to support the Bitcoin network and carbon-free energy markets. “Blockchain.com is an established leader in the digital asset space with unique knowledge into every aspect of the crypto ecosystem, including mining operations,” said Trey Kelly, GRIID Founder, and CEO. “Blockchain.com is an ideal capital partner as we strengthen our infrastructure and operations across our growing portfolio of bitcoin mining facilities.”
After China’s crypto mining ban during the first half of 2021, leading BTC mining firms shifted their operations to other countries, including the USA and Canada. With growing demand and rising crypto prices, North America-based BTC mining firms are expanding their operations.
In the last 4 years, the institutional markets team of Blockchain.com has originated some of the largest credit facilities in the market. The company’s deep market expertise has helped several firms within the crypto and blockchain ecosystem.
“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,” said Peter Smith, Blockchain.com CEO. “It’s incredible to see their trajectory, and we are confident that GRIID is well-positioned to become a dominant U.S.-based bitcoin miner. We’re excited to continue to partner with them to grow their company and the industry in the coming years.”
In March 2021, Blockchain.com secured $300 million in a Series C funding round.
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