Ohio-based bitcoin mining firm GRIID announced Monday that it has inked a $525 million credit facility from crypto platform Blockchain.com.
A credit facility is a type of loan in which the lendee can withdraw some or all of the designated amount until the term’s end. GRIID’s credit facility has a four-year term, and the company intends to use the loan to bolster its mining capacity and scale, according to a release.
“Blockchain.com is an ideal capital partner as we strengthen our infrastructure and operations across our growing portfolio of bitcoin mining facilities,” said GRIID founder and CEO Trey Kelly in a statement.
As mining firms looked to elsewhere to set up shop, many U.S-based companies have received funding to either setup bitcoin mining farms or scale up their operations within the last few months.
Recent examples include the China-based English training firm Meten EdtechX entering the mining industry in early November and the crypto lender Celsius securing a total of $500 million for bitcoin mining, as reported by The Block. © 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.