• In general, the US has become a hotspot for crypto mining after many miners exited China, which led the way for extreme growth in North America
  • Blockchain.com CEO Peter Smith said in a statement the company has partnered closely with GRIID over the past two years

Bitcoin miner infrastructure firm GRIID has secured a $525 million credit facility from Blockchain.com, the company announced Monday. 

The three-year-old Bitcoin self-mining company owns and operates facilities across the US with low-cost, carbon-free energy to build and scale its facilities. Blockchain.com is one of the oldest cryptocurrency platforms with about 31 million verified users, over $1 trillion transactions and has generated more than $5 billion in loan originations. 

The four-year term credit facility will help GRIID scale its capabilities, bring on additional mining capacities and build upon its 1,300 megawatts of available power from its current “existing energy generation partners,” it said. 

Blockchain.com CEO Peter Smith said in a statement that it has partnered closely with GRIID over the past two years to provide capital while investing in the growth of the business.

In general, the US has become a hotspot for crypto mining after many miners exited China, which led the way for extreme growth in North America. 

The US has surpassed China as the world’s leader in bitcoin mining networks with an average monthly hashrate share of 35.4% in July of 2021, according to data from the University of Cambridge. 

Earlier this month, investment management firm Horizon Kinetics, which oversees $7 billion in assets under management, shared its plans to launch a new mining company as its investors were “clamoring for more” exposure to bitcoin, Chief Operating Officer Alun Williams told Blockworks in an interview. 

“The US, when you compare it to other countries, is a very welcoming place to do this business,” Williams said at the time. “The industry itself is growing significantly here…and the US wants to embrace mining as an industry and take part of that,” he added. 

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  • Jacquelyn Melinek is a New York-based reporter covering funding, decentralized finance (DeFi) and decentralized autonomous organizations (DAOs). She previously reported on energy markets for S&P Global Platts and Bloomberg News and is published in over 65 news outlets. She graduated from the University of North Carolina at Chapel Hill with a degree in Media and Journalism. Contact Jacquelyn via email at [email protected]