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NYSE Listing: GRIID To Merge With Adit, Gets a $3.3 Billion Evaluation

More crypto companies are going public on the New York Stock Exchange. In the last two months, the US Securities and Exchange Commission (SEC) has approved several applications for the New York Stock Exchange (NYSE). Yesterday, two companies filed a merger that would see them go public and get listed on the NYSE next year.

In the file submitted to the regulatory agency, GRIID and Adit announced that they are merging. The merger is worth billions of dollars. The former is a Bitcoin mining company while the latter is a type of company registered only for mergers. By 2022, the company will be listed under the ticker GRDI.

According to normal proceedings, the merger and listing should be completed by March 2022. The company will then enter the first phase of its public trading. By next year, the number of publicly-traded crypto companies is set to increase despite growing calls for regulations. Mergers between crypto firms both in the US and abroad have also grown in 2021.

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GRIID Bitcoin Mining

In the information provided about its business, GRIID said that it has the capacity to mine 637 bitcoins annually. GRIID has a mining capacity of 187 PH/s and plans to increase that by 14,000%  to 26,180 PH/s in three years. This would make it the biggest bitcoin mining company in the world. GRIID currently operates a carbon-free mining system.

According to GRIID’s CEO, Trey Kelly, the company is committed to building the biggest and most efficient environmentally-friendly mining system. GRIID has invested in developing carbon-free energy-efficient miners that it deploys in its mining farms in Cincinnati. For this, GRIID receives support from many who champion cleaner earth.

Green Bitcoin Mining is The Future

Bitcoin mining has been criticized for being costly and harsh on the environment. Politicians, governments, and prominent members of the crypto community have also voiced their criticism about the situation and called for bitcoin miners to find alternative and green energy sources.

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In May, Elon Musk voiced his opinions about the negative effects of bitcoin mining and said that his company, Tesla, would halt accepting bitcoin payments. The impact of that news contributed to the May meltdown that lasted until early August.

A few months back, Senator Elizabeth Warren tweeted that bitcoin mining consumed nearly the same amount of electricity as Washington and harmed the environment. She then called for actions against activities such as bitcoin mining that put a strain on the national grid. China cracked down on bitcoin miners as it experienced blackouts due to high electricity consumption.

The effects of bitcoin mining have been a subject of debate in various relevant circles. The general idea is for bitcoin mining to go green. Thankfully, more bitcoin mining firms in the US, Canada, and even Kazakhstan are taking the initiative to build solar and wind-powered mining facilities. 

Many are also adopting modern mining equipment that are energy-efficient and demand less from the national grid.

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Shelly Melancon (Switzerland)

Shelly is a cryptocurrency enthusiast from Switzerland, she bought her first crypto in 2015 when it was way less popular then it is today and since 2017 she has been writing about cryptocurrency for online news portals. Shelly is the newest addition to the Tokenhell team, she writes mostly news and reviews related articles , stay tuned to her posts to stay up to date with the crypto world.

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