internal and wireless security testing and assessment. 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. GRIIDs existing management team, led by President and 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 three firms known to have secured supply agreements with the chip giant. or intention and are generally accompanied by words that convey projected future events or outcomes such as believe, may, will, estimate, continue, anticipate, sell or a solicitation of an offer to buy the securities of GRIID, the combined company or Adit EdTech, 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 please contact. CINCINNATI, OH AND NEW YORK, NY Trey Kelly, CEO of GRIID, said, We are building an American infrastructure company with the largest pipeline of committed, carbon-free power among public bitcoin miners at the lowest cost of scaled production. The merger is expected to close in the first quarter of 2022. Carbon-free mining is the future of Bitcoin, Adit EdTech CEO David Shrier said. 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. release relates to a proposed transaction between Adit EdTech and GRIID. This press release includes forward-looking statements, within the meaning of Section27A of the Securities Act of 1933, Trey Kelly, CEO of GRIID, said, "We are building an American infrastructure company with the largest pipeline of committed, carbon-free power among public bitcoin miners at the lowest cost of scaled production. or at all, which may adversely affect the price of Adit EdTechs securities, (ii)the risk that the transaction may not be completed by Adit EdTechs business combination deadline and the risk that Adit EdTech may not obtain an Jack Dorsey, whose company Block, formerly known as Square, is also buying Intel chips, has. Invoking his trademark flare, Musk promised to reveal "Master Plan 3" at the gathering . 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. announce that less than a year since our IPO, $ADEX has signed a definitive agreement with what I believe to be an exceptional carbon-free bitcoin mining company: GRIID Infrastructure. Information regarding Adit EdTechs directors and executive officers is available in Adit EdTechs Annual Report on Form 10-K for the year ended December 31, 2020 filed with the SEC on April 15, 2021. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. The foregoing list of factors is not exhaustive. The original communications protocol for the Internet HTTP is still in use today notwithstanding the introduction of more efficient protocols. Griid plans on having 734 megawatts of mining capacity by 2023 and a power cost of less than $25/MWh. 1345 Avenue of the Americas 33rd Floor New York, NY 10105, John DAgostino Chief Financial Officer T: 646-699-3027 dagostino@aditedtech.com, Continental Stock Transfer & Trust Company. Edelstein& Company, LLP acted as advisor to Adit EdTech for accounting and tax due diligence and quality of earnings assessment. 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. Before making any voting decision, investors and security holders of Adit EdTech are urged to read the proxy statement and all other relevant documents filed or that will be filed with the SEC in connection with the proposed transaction as they become available because they will contain important information about the proposed transaction. Adit EdTech intends to file a proxy statement with the SEC. 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 available on the SECs website at 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. 86% of retail CFD accounts lose money, Bitcoin Miner Griid Infrastructure Lands SPAC Deal: What Investors Should Know, SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Adit EdTech Acquisition Corporation - ADEX, Registration on or use of this site constitutes acceptance of our. Sanders LLP acted as legal advisor to GRIID. HIVE sells digital currencies that it has mined in order to pay for its ongoing expenses, including operating and maintenance costs. These statements express a belief, expectation Readers are cautioned not to rely too heavily on the forward-looking statements contained in this press release. The following communication was posted by David Shrier on LinkedIn: I am pleased to The transaction is expected to provide approximately $246 million of cash at closing from Adit EdTech's trust account, after payment of Adit EdTech's transaction expenses and without giving effect to any redemptions by Adit EdTech public stockholders. If Ethereums shift to proof of stake were to occur, HIVEs GPU-based mining provides flexibility to identify and focus computing resources on existing and new cryptocurrencies including those using the proof-of-work standard 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. performance fees or expenses, if applicable. the announcement or pendency of the transaction on GRIIDs business relationships, operating results, and business generally and on Adit EdTechs stock price, (vii)risks that the GRIIDs combination of a large Learn more about Consensus 2023, CoinDesks longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Bitcoin miner Griid Infrastructure is negotiating with blank-check firm Adit EdTech Acquisition Corp. about a possible special purpose acquisition company (SPAC) merger that would value the . 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. Everyday HIVE earns new crypto coins which it can monetize for revenue and cash flow. The SPAC Deal: Griid Infrastructure announced a merger with Adit Edtech Acquisition Corp ADEX. The proposed transaction has been unanimously approved by the board of directors of Adit EdTech and Griid - A Bitcoin Mining Company AN AMERICAN INFRASTRUCTURE COMPANY AboutUs We procurelow-cost, carbon-free energy to build, manage, and operate a growing portfolio of vertically-integrated bitcoin mining facilities. The $246million of anticipated net transaction proceeds, assuming no redemptions, and an existing 7 SPACs To Play The Rise Of Bitcoin, Cryptocurrency Stocks, Do Not Sell My Personal Data/Privacy Policy. could give rise to the termination of the merger agreement, (vi)the effect of the announcement or pendency of the transaction on GRIIDs business relationships, operating results, and business generally and on Adit EdTechs stock NEWS RELEASE Feb 21, 2023. . Adit Ventures offers curated and professionally managed access to equity in private firms that the principals believe are driving todays market and shaping tomorrows economy. The small Ohio-based GRIID is. How Ethereum's evolution impacts crypto markets. solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. Adit EdTechs CFO, John DAgostino, founded and leads the AIMA Digital Asset Working Group, is Chair of the of the UK Governments Department International Trades Asset Management Working Group, and is Fellow of the AIF Global Financial InnovationInstitute. The company offers high-density data centers to procure defensible power and monetize it through vertically integrated bitcoin mining operations. On Tuesday, the three-year-old. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or EdTechs securities, which may be volatile due to a variety of factors, including changes in the competitive and regulated industries in which Adit EdTech plans to operate or GRIID operates, variations in operating performance across general economic conditions, including as a result of the COVID-19 pandemic, and (xiii)the ability to implement business plans, forecasts, and other expectations after the completion of the proposed Assuming no redemptions, current GRIID equity holders will own approximately 90%, Adit EdTech public stockholders will own approximately 8% and Adit EdTech's sponsor will own approximately 2% of the outstanding shares of voting stock of the combined company at closing, respectively. 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. Except as required by law, neither GRIID nor Adit EdTech undertakes any obligation, and specifically declines any obligation, to update or revise any forward-looking statements, whether as a result of The merger is expected to close in the first quarter of 2022. Many factors could cause actual future events to differ materially from the forward-looking statements in this communication, including but not limited to: (i)the risk that the transaction may not be completed in a timely manner EX-99.2 6 ea136931ex99-2_goodworks.htm INVESTOR PRESENTATION Exhibit 99.2 . Griid Infrastructure LLC ("GRIID") is a profitable, vertically integrated bitcoin self-mining company 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. Blockchain technology is revolutionizing finance and there are very few ways for investors to gain exposure to businesses in this space. 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. Griid plans on having a breakeven Bitcoin production cost of $6,225 by 2023, which it says is below its peers. HIVE benefits from monitoring software that constantly tracks things like hash rates, temperatures, and power consumption. All rights reserved. The foregoing list of factors is not exhaustive. 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. Readers are cautioned not to rely too heavily on the forward-looking statements contained in this press release. 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. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act. Nov. 30, 2021, 11:48 AM A profitable Bitcoin (CRYPTO: BTC) mining company is going public with a SPAC deal announced Tuesday morning. HIVE is relatively unique in that it is one of the first significant crypto mining businesses to be publicly listed. Griid Infrastructure LLC ("GRIID") is a profitable, vertically integrated bitcoin self-mining company with three US-based facilities and planned mining capacity of 734 megawatts (MW). 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. The deal values Griid at an enterprise value of $3.3 billion. This is where GRIID Infrastructure's plan to revolutionize how Bitcoin is mined comes in. Growth Ahead: Transaction proceeds from going public are expected to help fund the companys growth plans. We refer you to the Risk Factors and Managements Discussion and Analysis of Financial Condition and Results of Additional Information and Where to Find It. Earth Grid Virtual Investor Presentation Wednesday March 8th at Noon. "We need to get Ukraine compensated from Russian Federation as much as possible," Moskwa said at an energy conference in Croatia's capital of Zagreb. 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 Securities filings can be found on SEC EDGAR at www.sec.gov), Additional Information and Where to Find It. InnovationInstitute. Before making any voting decision, investors and security holders of Adit EdTech are urged to read the To learn more, visit griid.com. Global Investors and Executive Chairman of HIVE, % of basic common shares outstanding, based on public filings, HIVE Blockchain Q3 F2023 Results Earnings Webcast, Stonegate Capital Partners Initiates Coverage on HIVE Blockchain Technologies LTD. (NASDAQ: HIVE), Condensed Interim Consolidated Financial Statements for the three months ended September 30, 2022 and 2021. 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