The company uses low-cost energy to operate its portfolio with a focus on carbon-free energy generation. Covington & Burling LLP acted as legal advisor to Adit EdTech. Wells Fargo Securities LLC, acted as the Secure Your Seat. extension of the business combination deadline if sought by Adit EdTech, (iii)the failure to satisfy the conditions to the consummation of the transaction, including the adoption of the merger agreement by the stockholders of Adit EdTech and Assuming no redemptions, current GRIID equity holders will own approximately 90%, Adit EdTech public stockholders will own approximately 8% and Adit EdTechs sponsor will own approximately 2% of the outstanding shares of voting stock of the combined company at closing, respectively. Griid Infrastructure LLC ("GRIID") is a profitable, vertically integrated bitcoin self-mining company with three US-based facilities and planned mining capacity of 734 megawatts (MW). Growth Ahead: Transaction proceeds from going public are expected to help fund the companys growth plans. Lincoln International LLC acted as financial advisor to Adit EdTech to provide a fairness opinion. new information, future events or otherwise. differ materially from those projected in the forward-looking statements. Intel's second-generation miner, dubbed the Bonanza Miner 2, is the second most efficient on the market, according to an investor presentation filed in November by Griid Infrastructure, one of three firms known to have secured supply agreements with the chip giant. The foregoing list of factors is not exhaustive. stockholders. 2 Legal Disclaimer This presentation (the "presentation") has been prepared for use by Good Works Acquisition Corp. ("Good Works") and Cipher Mining Technologies Inc. ("Cipher" or the "Company") in connection with their proposed business . Trey Kelly, CEO of GRIID, said, We are building an American infrastructure company with the largest pipeline of committed, carbon-free power among public bitcoin miners at the lowest cost of scaled production. The actual results or developments anticipated may not be realized or, even if substantially realized, they may not have the expected consequences to or effects on GRIID, Adit EdTech or their respective businesses or operations. HIVE benefits from monitoring software that constantly tracks things like hash rates, temperatures, and power consumption. John DAgostino, founded and leads the AIMA Digital Asset Working Group, is Chair of the of the UK Governments Department International Trades Asset Management Working Group, and is Fellow of the AIF Global Financial Many factors could cause actual future events to differ materially from the forward-looking statements in this communication, including but not limited to: (i)the risk that the transaction may not be completed in a timely manner We currently mine Ethereum, Ethereum Classic and Bitcoin. Investors Capital Structure Reporting Presentation Filings FAQ. Sign up for Valid Points, our weekly newsletter breaking down Ethereums evolution and its impact on crypto markets. Your weekly wrap of Web3 news and trends. Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Readers are cautioned not to rely too heavily on the forward-looking statements contained in this press release. These forward looking statements speak only as of the date of this press release. Growth Ahead: Transaction proceeds from going public are expected to help fund the companys growth plans. Such statements are not guarantees of future performance and actual About Griid: Self-mining company Griid Infrastructure is a vertically integrated Bitcoin mining company with three U.S. facilities. Upon completion of the proposed transaction. Adit EdTech intends to file a proxy statement with the SEC. HIVE offers shareholders exposure to the operating margins from cryptocurrency mining plus a growing portfolio of coins. CEO Trey Kelly, will continue to lead the business. The new miner is half the price of an Antminer S19 Pro, while being 15% more efficient, improving gross profits by 130%, Griid's presentation said. "EEI and our member companiesAmerica's investor-owned electric companiesare at a global inflection point," said Kuhn. Additional information about the proposed transaction, including a copy of the agreement, an investor presentation, and plan of merger, will be provided in a Current Report on Form 8-K to be filed by Adit EdTech today with the U.S. Securities and Exchange Commission (the "SEC") and will be available at www.sec.gov. Except as required by law, neither GRIID nor Adit EdTech undertakes any obligation, and specifically declines any obligation, to update or revise any forward-looking statements, whether as a result of Lincoln International LLC acted as financial advisor to Adit EdTech to provide a fairness opinion. Tesla CEO Elon Musk is scheduled to unveil the automaker's longterm plan at an investor day in Texas. Head to consensus.coindesk.com to register and buy your pass now. speak only as of the date of this communication. If Ethereums shift to proof of stake were to occur, HIVEs GPU-based mining provides flexibility to identify and focus computing resources on existing and new cryptocurrencies including those using the proof-of-work standard as they become more profitable to mine, as well as for other high efficiency computing applications, such as artificial intelligence and graphic rendering as well as private blockchain computing, which are becoming more widespread as the blockchain technology grows and develops. Adit EdTechs CFO, regulations affecting Adit EdTechs or GRIIDs business, and changes in the combined capital structure, (xi)GRIIDs inability to implement its business plan or meet or exceed its financial projections, (xii)changes in Griid plans on having 734 megawatts of mining capacity by 2023 and a power cost of less than $25/MWh. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act. HIVE owns state-of-the-art green energy-powered data centrefacilities in Canada, Sweden and Iceland, which produce newly minted digital currencies like Bitcoin and Ethereum continuously on the cloud. expressions. Griid Infrastructure LLC ("GRIID") is a profitable, vertically integrated bitcoin self-mining company with three US-based facilities and planned mining capacity of 734 megawatts (MW) operational by 2023 with a power cost of less than $25/MWh. By Do It Right LLC. Cryptocurrency is extremely competitive, hence the need for efficiencies of scale. Securities filings can be found on SEC EDGAR at www.sec.gov), Additional Information and Where to Find It. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement and other relevant materials to be filed with the SEC when they become available. By signing up, you will receive emails about CoinDesk products and you agree to ourterms & conditionsandprivacy policy. 2022 Griid Infrastructure LLC. GRIID, Adit EdTech and their respective directors, executive officers and employees may be deemed to be participants in the solicitation of proxies in respect GRIID supports the growth of carbon-free energy generation by procuring low-cost energy to build, manage, and operate its portfolio of vertically integrated bitcoin mining facilities. investments that create positive change. CoinDesk journalists are not allowed to purchase stock outright in DCG. As of December 13, 2022. Related Link: 7 SPACs To Play The Rise Of Bitcoin, Cryptocurrency Stocks. filed with the SEC on April15, 2021. Bitcoin miner Griid Infrastructure LLC said Tuesday it has agreed to go public through a merger with Adit Edtech Acquisition Corp. in a deal that values the combined company at about $3.3 billion . GRIID supports the growth of carbon-free energy generation by procuring low-cost energy to build, manage, and operate its portfolio of vertically integrated bitcoin mining facilities. GRIID, an American infrastructure company, is a vertically integrated bitcoin self-mining company that owns and operates a growing portfolio of bitcoin mining facilities across the United States. GRIIDs combination of a large pipeline of low-cost, carbon-free power, distinctive access to next generation ASICs, and market-leading execution position them to generate attractive profitability and growth., Eric Munson, Adits founder and Managing Partner, said, GRIIDs focus on utilizing next generation computing power for more efficient clean power utilization and grid management demonstrates the broader economic potential of green infrastructure.. Investors and security holders will be able to obtain free copies of the proxy statement and all other relevant documents filed or that will be filed with the Information regarding Adit EdTechs directors and executive officers is available in Adit EdTechs Annual Report on Form 10-K for the year ended December31, 2020 For investor inquiries regarding Adit EdTech and affiliates, please contact: For inquiries regarding GRIID, Carbon-free mining is the future of Bitcoin, Adit EdTech CEO David Shrier said. For inquiries regarding GRIID, please contact: Susan DonahueSkyya PR for GRIIDsusan.donahue@skyya.com. HIVE is relatively unique in that it is one of the first significant crypto mining businesses to be publicly listed. Have a question? Except as required by law, neither GRIID nor Adit EdTech undertakes any obligation, and specifically declines any obligation, to update or revise any forward-looking statements, whether as a result of new information, future Our sponsor is an affiliate of Adit Ventures, LLC, or Adit, an investment adviser whose principals have combined investment experience of over 150 years and a track record of value creation in portfolio companies operating in the public markets. programs for the Massachusetts Institute of Technology and the University of Oxford, and serves as a non-executive director of blockchain infrastructure company Copper Technologies. filed with the SEC on April15, 2021. The transaction is expected to provide approximately $246 million of cash at closing from Adit EdTechs trust account, after payment of Adit EdTechs transaction expenses and without giving effect to any redemptions by Adit EdTech public documents filed or that will be filed with the SEC in connection with the proposed transaction as they become available because they will contain important information about the proposed transaction. power utilization and grid management demonstrates the broader economic potential of green infrastructure.. Adit EdTech intends to file a proxy statement with the SEC. A family-owned firm with over a century of combined financial experience, Adit Ventures is a team of professionals committed to investments that create positive change. The actual results or developments anticipated Jack Dorsey, whose company Block, formerly known as Square, is also buying Intel chips, has. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement and other relevant materials to be filed with the SEC when they become available. Public markets are a huge untapped opportunity to finance the growth of the blockchain sector and HIVE. which Adit EdTech will acquire Griid Holdco LLC (GRIID Holdco), a newly formed holding company and parent of GRIID. TSX.V: HIVE . Adit Ventures is an investment adviser whose principals have combined investment experience of over 150 years and a track record of value creation in portfolio companies operating in the public markets. the combined company is expected to operate under the name "GRIID Infrastructure Inc." and be listed on the NYSE under the new ticker symbol "GRDI". 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