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Bitcoin Mining Agency Greenidge Plans to Go Public

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Greenidge Era Holdings, a Bitcoin mining firm, introduced as we speak that it’s planning to go public via a merger with Assist.com. Greenidge will change into the primary publicly traded Bitcoin mining firm with a wholly-owned energy plant.

In accordance with the official press launch, the merger is anticipated to shut in Q3 of 2021. Greenidge and Assist.com have signed a definitive settlement to merge in a stock-for-stock transaction. Upon completion of the proposed transaction, Assist.com will change into a wholly-owned subsidiary of Greenidge.

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Greenidge talked about that upon the completion of the merger, inventory and choice holders of assist.com will collectively personal round 8% of the mixed firm’s inventory. Greenidge stockholders will personal roughly 92%.

Commenting on the newest announcement, Jeff Kirt, CEO of Greenidge, stated: “This merger is a vital subsequent step for Greenidge as we construct upon our current built-in and confirmed platform for bitcoin mining and a era of lower-carbon inexpensive energy. The transaction is a validation of our transformational journey, our proprietary relationships and our trade experience. It is going to enable for public market development capital to propel Greenidge as we glance to duplicate the enterprise mannequin, which we have now efficiently executed in Upstate New York, and in different places.”

Greenidge added that the corporate’s Upstate New York location offers entry to among the lowest-cost pure gasoline in North America. For the twelve months ended February 28, 2021, the corporate mined 1,186 Bitcoin at a web variable value of roughly $2,869 per bitcoin.

Bitcoin Mining

The Bitcoin mining sector is rising at a speedy tempo resulting from a surge within the BTC value. China remained the dominant pressure in crypto mining however different international locations are slowly stepping up. The current announcement exhibits that the North American Bitcoin mining corporations are planning to develop their operations.

“As Greenidge seems to scale and seizes new alternatives for development, we’re their perfect associate. As well as, the transaction represents a major worth proposition for our shareholders by offering them with enhanced liquidity and the chance to take part within the development of what we consider will probably be a profitable competitor within the quickly evolving home bitcoin mining area,” Lance Rosenzweig, President and CEO at Assist.com stated.

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