Bitcoin mining startup PrimeBlock announces going public in the U.S.

This Friday, Bitcoin mining firm and infrastructure startup, Prime Blockchain Inc announced that it is going public in the United States by striking a partnership deal with a blank-check firm. The company, which operates data centers and crypto mining operations in North America and runs under the name PrimeBlock, said that it is merging with special purpose acquisition vehicle (SPAC) company 10X Capital Venture Acquisition Corp II with the aim to expand its business. 

The deal is expected to close in the second half of 2022 and would bring the company’s valuation to $1.32 billion including debt.

PrimeBlock recently has grabbed $300 million in equity financing for the partnership from an affiliate of Financial services company, Cantor Fitzgerald & Co.

In November last year, PrimeBlock had started hiring its first management team, as TheCoinRise reported.

Aiming to expand its roots in the crypto mining business, Hans Thomas, chairman and CEO of 10X Capital, stated:

“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.”

PrimeBlock continues its growth

The company has installed BTC self-mining equipment with a hash rate of 1.8 exahash per second, representing 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. By the year 2050, the company hopes to be carbon-neutral on a net-zero basis when up to 59 percent of its sources of energy were carbon-free in 2020.

PrimeBlock made $21.8 million in revenue last year by mining 356.8 BTC. However, by 2022, the company plans to generate $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 small Ethereum (ETH) mining business, with 699 ETH extracted in 2021.