The original communications protocol for the Internet HTTP is still in use today notwithstanding the introduction of more efficient protocols. EX-99.2 6 ea136931ex99-2_goodworks.htm INVESTOR PRESENTATION Exhibit 99.2 . Troutman Pepper Hamilton Terms of Use. Troutman Pepper Hamilton Sanders LLP acted as legal advisor to GRIID. These are the some of the most frequently asked questions regarding HIVE. . Such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Simply put, HIVE is a cryptocurrency mining firm. A proxy statement will be sent to all Adit EdTech stockholders. The deal values Griid at an enterprise value of $3.3 billion. Do Not Sell My Personal Data/Privacy Policy. Founded in 2018 and headquartered in Cincinnati, Ohio, GRIID has secured one of the largest and lowest-cost power pipelines in the industry with a focus on carbon-free generation partners. Mining equipment is anticipated to remain useful for multiple years. Founded in 2018 and headquartered in Cincinnati, Ohio, GRIID has secured one of the largest and lowest-cost power pipelines in the industry with a focus on carbon-free generation partners. GPU-based mining provides flexibility to identify and focus computing resources on existing and new cryptocurrencies 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. 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. Have a question? Griid Infrastructure LLC (GRIID) is a profitable, vertically integrated bitcoin self-mining company Elon Musk will aim to quiet any doubts about Tesla's standing in the electric car race on Wednesday when the serial entrepreneur convenes an investor day. The proposed transaction is expected to close in the first quarter of 2022, subject to customary closing conditions, including the receipt of regulatory approvals and approval of Adit EdTechs This press Its supply agreement with Griid includes design materials, which indicates that the miners' rigs could be tailor-made for or by the clients using Intel's mining chips. This communication may Wells Fargo Securities LLC, acted as the 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. 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. performance fees or expenses, if applicable. statements in this press release, including but not limited to: (i)the risk that the transaction may not be completed in a timely manner or at all, which may adversely affect the price of Adit EdTechs securities, (ii)the risk that Merging with blank-check companies has become a popular strategy for bitcoin miners seeking to go public, and Griid is the latest to jump on that bandwagon. What are the keys to successful crypto mining? other documents regarding the proposed transaction with the SEC. You need a reliable and cheap source of electricity for your hardware. against Adit EdTech related to the merger agreement or the proposed transaction, (ix)the ability to maintain the listing of Adit EdTechs securities on a national securities exchange, (x)the price of Adit EdTechs securities, More information on how Adit is helping build a portfolio of private growth emerging market leaders can be found at www.AditVentures.com. The deal values Griid at an enterprise value of $3.3 billion. GRIID, Adit EdTech and their respective directors, executive officers and employees may be deemed to be participants in the solicitation of proxies in respect Based on 508 Wall Street analysts offering 12 month price targets to DE:GRID holdings in the last 3 months. RT=Real-Time, EOD=End of Day, PD=Previous Day. How Ethereum's evolution impacts crypto markets. This is significantly different from HIVE, which directly operates its facilities and is itself a business operator. For these reasons, we expect proof-of-work mining and data centre infrastructure like HIVEs will always be an essential component of the blockchain and cryptocurrency ecosystem. investments that create positive change. Carbon-free mining is the future of Bitcoin, Adit EdTech CEO David Shrier said. stockholders. Nov. 30, 2021, 11:48 AM A profitable Bitcoin (CRYPTO: BTC) mining company is going public with a SPAC deal announced Tuesday morning. The company uses low-cost energy to operate its portfolio with a focus on carbon-free energy generation. (Adit EdTech) (NYSE: ADEX, ADEX.U, and ADEX.WS), a special purpose acquisition company sponsored by an affiliate of Adit Ventures, LLC (Adit), announced today that they have entered into a definitive merger agreement under This press release includes "forward-looking statements," within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended. Arthur D. Little LLC acted as advisor to Adit EdTech for technical and commercial due diligence. The company is headquartered in Cincinnati, Ohio. By signing up, you will receive emails about CoinDesk product updates, events and marketing and you agree to our, Australias Central Bank Taps Mastercard and Others to Test CBDC Use Cases, Bitcoin, Ether Settle Into a Range as Indicators Point Neutral, Digital Asset Investment Products AUM in February Reaches Highest Level Since May 2022, Crypto Bank Charter Firm Protego Trust Lays Off Most of Its Workforce: Source. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. filed with the SEC on April15, 2021. Adit EdTech's CFO, John D'Agostino, founded and leads the AIMA Digital Asset Working Group, is Chair of the of the UK Government's Department International Trade's Asset Management Working Group, and is Fellow of the AIF Global Financial InnovationInstitute. This press release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the proposed transaction and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of Adit EdTech, GRIID or the combined company, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. Days after an initial report, Griid Infrastructure has confirmed plans to go public, with the Cincinnati-based bitcoin mining startup valued at $3.3 billion. The current proposal for Ethereums shift to proof of stake from proof of work has a number of unknown variables, including uncertainty over timing, execution and ultimate adoption; and there is not yet a definitive plan that is established and approved. www.sec.gov. Adit EdTech intends to file a proxy statement with the SEC. A profitable Bitcoin BTC/USD mining company is going public with a SPAC deal announced Tuesday morning. The actual results or developments anticipated may not be realized or, even if 9,898 Number of Organizations $45.2B Total Funding Amount 1,905 Number of Investors. The SPAC Deal: Griid Infrastructure announced a merger with Adit Edtech Acquisition Corp ADEX. Adit EdTechs strategy is to focus on companies which offer an opportunity for stockholder value creation through the combination of (i) an attractive valuation entry point, (ii) a clear plan to unlock incremental value through operational and/or strategic improvements and (iii) a clear path to bring the target company to the public market and implement best-in-class public company governance. The small Ohio-based GRIID is. Legal Name Griid Infrastructure LLC. 3,516 Number of Organizations $20.3B Total Funding Amount 876 Number of Investors. results or developments may differ materially from those projected in the forward-looking statements. 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.. The $246million of anticipated net transaction proceeds, assuming no redemptions, and an existing The proposed transaction values the combined company at an implied fully diluted pro forma enterprise value of approximately $3.3 billion, assuming no redemptions of shares of Adit EdTech by its public stockholders and approximately $125 million of debt outstanding as of the closing (which debt is drawn down under GRIIDs $525 million secured credit facility with Blockchain.com). The company offers high-density data centers to procure defensible power and monetize it through vertically integrated bitcoin mining operations. please contact. . Adit EdTech also will file 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 . Upon completion of the proposed transaction. 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. This makes it more efficient than, The second-gen Intel miner doesn't beat out, It is unclear whether Intel will be selling exactly the same mining rigs to all of its customers. Cryptocurrency is extremely competitive, hence the need for efficiencies of scale. This press release includes forward-looking statements, within the meaning of Section27A of the Securities Act of 1933, 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 Financial Condition and Results of Operations sections of Adit EdTechs Annual Report on Form 10-K for the year ended December31, 2020, and other filings made with the SEC and that are which Adit EdTech will acquire Griid Holdco LLC (GRIID Holdco), a newly formed holding company and parent of GRIID. Adit EdTech intends to file a proxy statement with the SEC. CINCINNATI, Nov. 22, 2021 (GLOBE NEWSWIRE) -- GRIID Infrastructure, a vertically-integrated bitcoin self-miner, today announced it has secured a $525 million credit facility from Blockchain . 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 No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act. stockholders. Based in Cincinnati, Ohio, GRIID is a profitable, vertically integrated bitcoin self-mining company that owns and operates a growing portfolio of energy infrastructure and bitcoin mining facilities across the United States. the board of managers of GRIID Holdco. Covington & Burling LLP acted as legal advisor to Adit EdTech. HIVE benefits from monitoring software that constantly tracks things like hash rates, temperatures, and power consumption. 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