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


Prime Blockchain, also known as PrimeBlock, is reportedly preparing for a public offering in the United States through a Special Purpose Equity Acquisition Company (SPAC).

A Bloomberg report on Thursday said that bitcoin (BTC) miner PrimeBlock is currently discussing a listing in the US through a merger with 10X Capital Venture Acquisition Corp II. While the terms of the deal have not yet been agreed, the merger could put the two companies at around $ 1.5 billion after a $ 150 million round of funding from the venture capital firm.

PrimeBlock, an American crypto mining company, began its first operations in Tennessee and North Carolina in September. On November 4, the company announced that it had appointed Goldman Sachs veteran Gaurav Budrena as CEO and former legal director of tZERO, Alan Konevsky, as legal director.

As of November 4, PrimeBlock said it has over 10,300 rigs equipped to extract BTC as well as 2,600 Ether (ETH) miners. According to Bloomberg, the company is currently mining around five BTC per day, and is working on a hash rate of one eksahesh.

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Other crypto companies used the SPAC route to go public in the United States. In March, the US subsidiary Bitfury Cipher Mining said it would merge with Good Works Acquisition Corp in a $ 2 billion deal to be listed. Bitcoin miner Core Scientific will also be listed on Nasdaq following the merger with Power and Digital Infrastructure Acquisition Corp. for $ 4.3 billion.



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