{"id":22865,"date":"2022-04-01T21:19:46","date_gmt":"2022-04-01T20:19:46","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=22865"},"modified":"2022-04-01T21:19:53","modified_gmt":"2022-04-01T20:19:53","slug":"primeblock-bitcoin-mining-firm-set-to-go-public","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/primeblock-bitcoin-mining-firm-set-to-go-public\/","title":{"rendered":"PrimeBlock Bitcoin mining firm plans to go public with $1.25B SPAC deal"},"content":{"rendered":"\n
Bitcoin mining company <\/a>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.<\/h5>\n\n\n\n
\"PrimeBlock
PrimeBlock Bitcoin mining firm plans to go public with $1.25B SPAC deal<\/figcaption><\/figure><\/div>\n\n\n\n

PrimeBlock, a Bitcoin (BTC) mining firm, said on Friday that it is merging with 10X Capital Venture Acquisition Corp II\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, 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.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

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<\/a> in 2020. By the year 2050, the company hopes to be carbon-neutral and net-zero.<\/p>\n\n\n\n

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<\/a> business, with 699 ETH extracted in 2021.<\/p>\n\n\n\n

Hans Thomas, chairman and CEO of 10X Capital, commented on the business agreement:<\/p>\n\n\n\n

“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.”<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

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 […]<\/p>\n","protected":false},"author":12,"featured_media":22867,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83,21],"tags":[8601,8600,8602],"class_list":["post-22865","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","category-news","tag-bitcoin-mining-firm","tag-primeblock","tag-spac-2"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/04\/image-1.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/22865","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=22865"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/22865\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/22867"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=22865"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=22865"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=22865"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}