Big Mergers in the Bitcoin World

On Friday, a bombshell dropped in the Bitcoin mining sphere when PrimeBlock announced its merger with 10X Capital Venture Acquisition Corp II. Headline grabber? You bet! The deal brings a whopping enterprise value of $1.323 billion to PrimeBlock. Because, you know, who doesn’t want to throw a billion around like it’s pocket change?

All About That Hash Rate

So what’s the deal with PrimeBlock’s mining prowess? Currently, they’re operating 1.8 exahash per second of BTC self-mining equipment, which translates to about 0.89% of the entire Bitcoin network’s hash rate. Now, if you’re wondering what a hash rate is, think of it as the horsepower behind Bitcoin mining – and let me tell you, these folks have got quite the engine!

Breaking Down the Costs

Now, let’s talk dollars and cents. PrimeBlock’s break-even price sits at around $9,000 per Bitcoin. If you’re an investor, that’s probably the number you want to keep an eye on. In more exciting news, last year PrimeBlock raked in $21.8 million through mining 356.8 BTC. But wait, there’s more! For 2022, they’re eyeing a blockbuster $220.1 million in revenue from a projected 3,629 BTC. Talk about a money-making machine!

Eco-Friendly Focus

But it’s not just about the money; PrimeBlock’s got that green thumb! In 2020, they proudly reported that 59% of their energy sources were carbon-free. Looking ahead, they’re on a quest for net-zero carbon emissions by 2050. They’re not just mining Bitcoins; they’re mining the hearts of eco-conscious investors everywhere!

Vision From the Top

As for the business agreement, Hans Thomas, the chairman and CEO of 10X Capital, had some glowing words about the collaboration. According to him, “Gaurav and the leadership team have successfully deployed over 110 megawatts of data center capacity… with a commitment to net-zero carbon emissions by 2050.” It sounds like they’ve got a solid game plan, and they mean business.