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

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Bitcoin mining company PrimeBlock recently announced it will merge with 10X Capital Venture. The company expects $98 million in annual revenue.

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 mining operation, extracting 699 of such digital assets in 2021."Gaurav and the leadership team [...

 

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