Rhodium Enterprises, a Texas-based Bitcoin mining company, is the first to go public in the crypto industry in 2022.
Rhodium announced last week that it will offer 7.69million shares at $12-$14 per share in an initial public offering (IPO). The company will trade under the ticker “RHDM”, on Nasdaq. 56.8 million shares of class A and 67.5 millions class B shares will be made public, valuing it at just below $1.7 billion.
Rhodium, a cryptocurrency technology company, uses proprietary tech and liquid cool technology to mine Bitcoin. Their goal is to become the most cost-efficient and sustainable producer of Bitcoin in this industry.
This company is part of a growing number of US-based Bitcoin mining companies. Marathon, Bitdeer Technologies and Riot Blockchain have all been listed on stock exchanges like NASDAQ over the past three-years.
According to the filing Rhodium currently has 125 megawatts (MW), of mining power capacity at its Texas site. There are 33,600 Bitcoin mining machines currently running. They produce a combined hash rate of approximately 2.7 EH/s.
After the IPO, and a raise in capital of $100 million, it will operate a second Texas site where they “expect” to develop 225 MW more capacity. The company will more than double its capacity by 2022.
Their electricity cost base is astonishing considering that the average price per BTC was $47,000 in 2021.
Our infrastructure platform allows us mine Bitcoin at a substantially lower cost than the industry average. The period January 1 to September 30. From January 1. 2021, to September 30.
Related: Mr. Amazing plans to invest in mining stocks
Texas is continuing to be a Bitcoin-friendly state. Senator Ted Cruz stated that Texas should be using Bitcoin mining to capture natural gas. The Electric Reliability Council of Texas, (ERCOT), predicted that Texan Bitcoin mining power requirements could rise 5 times by 2023.
Rhodium capitalizes on Texas’ “independent energy market and abundance low-cost renewable energie resources,” as well as the pro-Bitcoin environment.
The company has a lot of experience in liquid-cooling technology. This makes it a little more difficult for small Bitcoin miners to solve valid blocks.
Eileen Wilson –Technology and Energy
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