Bitcoin mining company PrimeBlock has merged with 10X Capital Venture Acquisition Corp II and is now valued at $1.323 billion, the firm is set to go public after the $1.25B SPAC merger.
PrimeBlock, a Bitcoin (BTC) mining firm, said on Friday that it is merging with 10X Capital Venture Acquisition Corp II, a special purpose acquisition vehicle (SPAC). The transaction values PrimeBlock at $1.323 billion, and it is likely to close in the second half of the year.
The company has installed 1.8 exahash per second of Bitcoin self-mining hardware, which accounts for 0.89 percent of the Bitcoin network’s entire hash rate.
The break-even price for mining, according to PrimeBlock, is $9,000 per coin. Up to 59 percent of its energy sources were carbon-free in 2020. By the year 2050, the company hopes to be carbon-neutral and net-zero.
PrimeBlock made $21.8 million in revenue last year by mining 356.8 BTC. However, by 2022, the company plans to produce $220.1 million in revenue, or 3,629 BTC, thanks in part to its rapid expansion of mining capacity to over 10 exahash per second. It also has a minor Ethereum (ETH) mining business, with 699 ETH extracted in 2021.
Hans Thomas, chairman and CEO of 10X Capital, commented on the business agreement:
“Gaurav and the leadership team […] have successfully deployed over 110 megawatts of data center capacity and generated more than $24 million of revenue in the fourth quarter. They have built strong relationships with key partners […] with a commitment to net-zero carbon emissions by 2050.”
