GRIID Infrastructure, a vertically integrated BTC self–miner, announced today that it had secured a $525 million credit facility from blockchain.com. This is one of the most important cryptocurrency companies in the world.
GRIID will benefit from the four-year term credit facility to expand its mining capabilities. BTC Mining Platform plans to significantly increase its capacity with the new funding. GRIID, an American infrastructure company, was founded in 2018 and is based in Cincinnati.
The company has made several efforts to support the Bitcoin network as well as the carbon-free energy markets over the last few months. Trey Kelly (GRIID CEO and Founder) stated that Blockchain.com is an established leader within the digital asset space. He has unique knowledge in every aspect of crypto ecosystem including mining operations. “Blockchain.com is a great capital partner as it strengthens our infrastructure and operations across the growing portfolio of bitcoin mining facility.”
Leading BTC mining companies shifted operations to Canada and the USA after China banned crypto mining in the first half 2021. North American-based BTC mining companies are expanding because of rising demand and higher crypto prices.
The institutional markets team at Blockchain.com has arranged some of the most significant credit facilities on the market over the past four years. Many firms in the crypto- and blockchain ecosystem have benefited from Blockchain.com’s market knowledge.
“For the last two years, we have worked closely with GRIID not only to provide capital but to also be a partner invested into the growth of the company,” stated Peter Smith, Blockchain.com CEO. It’s amazing to see their progress and we believe that GRIID will be a leading U.S. bitcoin miner. We are excited to continue our partnership with them to help grow their company, and the industry over the next years.
Blockchain.com raised $300 million during a Series C round of funding in March 2021.