Bitcoin Mining Startup Primeblock to Go Public via SPAC Merger as SEC Targets SPAC Deals

April 5, 2022 Bitcoin.com

Bitcoin mining company PrimeBlock to go public via $1.25B SPAC merger

April 1, 2022 Coin Telegraph

Bitcoin mining company PrimeBlock to go public via .25B SPAC merger

The company forecasts it will generate up to $98 million in annual revenue.

On Friday, Bitcoin (BTC) mining company PrimeBlock announced that it is merging with special purpose acquisition vehicle (SPAC) company 10X Capital Venture Acquisition Corp II. The deal places PrimeBlock at an enterprise value of $1.323 billion and is expected to close in the second half of the year.

The company has installed 1.8 exahash per second of BTC self-mining equipment, accounting for approximately 0.89% of the Bitcoin network's overall hash rate. According to PrimeBlock, its break-even price for mining is $9,000 per coin. Back in 2020, up to 59% of its energy sources were carbon-free. The firm seeks to become carbon-neutral on a net-zero basis by the year 2050.

Last year, PrimeBlock brought in $21.8 million in revenue through mining 356.8 BTC. But in 2022, the firm expects to generate $220.1 million in revenue, or a forecasted 3,629 BTC, partly via rapidly expanding its mining capacities to over 10 exahash per second. It also has a small Ethereum (ETH) mining operation, extracting 699 of such digital assets in 2021.

Regarding the business agreement, Hans Thomas, chairman and CEO of 10X Capital, commented:

"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."

Crypto miner PrimeBlock reportedly plans to go public through 10X Capital merger

November 18, 2021 Coin Telegraph

10x capital

The merger could result in a valuation of the two firms at roughly $1.5 billion following a $150 million fundraising round from 10X Capital Venture.

Prime Blockchain, also known as PrimeBlock, is reportedly preparing for a public offering in the United States through a special-purpose acquisition company, or SPAC.

In a Thursday report, Bloomberg said Bitcoin (BTC) mining firm PrimeBlock is currently discussing going public in the U.S. through a merger with 10X Capital Venture Acquisition Corp II. Though the terms of the deal are reportedly not yet finalized, the merger could result in a valuation of the two firms at roughly $1.5 billion following a $150 million fundraising round from the venture capital firm.

A crypto mining company based in the United States, PrimeBlock rolled out its first operations in Tennessee and North Carolina in September. The firm announced on Nov. 4 it had appointed Goldman Sachs veteran Gaurav Budhrani as the company’s CEO and former tZERO chief legal officer Alan Konevsky as its CLO.

As of Nov. 4, PrimeBlock reported it held more than 10,300 rigs equipped for BTC mining, as well as 2,600 Ether (ETH) miners. According to Bloomberg, the company currently mines roughly five BTC daily operating at a hashrate of one exahash.

Other crypto firms have used the SPAC route to go public in the United States. In March, Bitfury's U.S. subsidiary Cipher Mining said it would be merging with Good Works Acquisition Corp as part of a $2 billion deal to become a publicly listed company. Bitcoin miner Core Scientific is also set for a public listing on Nasdaq following a $4.3 billion merger with Power and Digital Infrastructure Acquisition Corp.

Cointelegraph reached out to PrimeBlock, but did not receive a response at the time of publication.

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