On Monday, mining company Grid Infrastructure announced that it has received a credit line of US$525 million from cryptocurrency company Blockchain.com. According to the announcement, the credit line will be for a period of four years to increase the company’s mining capacity.
Bitcoin mining infrastructure company increases production capacity with the help of Blockchain.com
Cryptocurrency mining, more specifically Bitcoin (Bitcoin) Mining, millions of dollars were invested in this year. Enterprise operations have signed large-scale transactions for thousands of ASIC devices with Bitcoin mining equipment manufacturers such as Canaan, Bitmain, and Microbt. Some large Bitcoin mining operators have also begun to build new facilities to increase production capacity.
November 22, Grid infrastructure Announced that the company has received a credit line of US$525 million from the company Blockchain networkThe financing will be used to increase mining capacity and “utilize more than 1,300 megawatts of usable power provided by existing energy production partners”. According to the announcement, Blockchain.com’s institutional marketing team has created some of the largest credit instruments on the market.
“Blockchain.com is a recognized leader in the field of digital assets and has a unique understanding of all aspects of the crypto ecosystem, including the mining business,” Griid CEO and founder Trey Kelly explained in a statement. “Blockchain.com is an ideal capital partner because we have strengthened our infrastructure and operations in our growing portfolio of Bitcoin mining facilities,” the mining company’s CEO added.
Grid is an American crypto mining infrastructure company that claims to be a “vertically integrated Bitcoin self-mining company.” The company operates a series of Bitcoin mining data centers in the United States. Peter Smith, CEO of Blockchain.com, explained that the company has been working with Grid for a long time.
“In the past two years, we have worked closely with Grid, not only providing funding, but also becoming a partner investing in business growth,” Smith said in the announcement. Blockchain.com’s transaction with Grid follows the company $300 million raised At the end of March, its valuation increased to US$5.2 billion.
In May, the cryptocurrency company get An artificial intelligence company called Artificial Intelligence Exchange. In August last year, the chief financial officer of Blockchain.com hint Companies that go public after 18 months. Blockchain.com CFO Macrina Kgil also explained at the time that the company holds Bitcoin with Ethereum On its balance sheet.
What do you think about Grid’s $525 million credit line from the cryptocurrency company Blockchain.com? Please tell us your thoughts on this topic in the comments section below.
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