Bitcoin mining company PrimeBlock to go public

Bitcoin mining company PrimeBlock is set to go for public listing via a $1.25B SPAC merger by the end of the year. 

On Friday, the company announced that it would soon merge with special purpose acquisition vehicle (SPAC) company 10X Capital Venture Acquisition Corp II.  

Speaking about the deal, Hans Thomas, Chairman and CEO of 10X Capital, commented, “Gaurav and the leadership team have successfully deployed over 110 megawatts of data center capacity and generated more than $24 million of revenue in the fourth quarter.” 

“They have built strong relationships with key partners committed to net-zero carbon emissions by 2050”, he added in a report by Cointelegraph. 

As per the deal, PrimeBlock is currently valued at an enterprise value of $1.323 billion, and SPAC is expected to close the merger deal in the second half of the year. 

PrimeBlock possesses almost 0.89% of the Bitcoin network’s overall hash rate as it has installed 1.8 exahash per second of BTC self-mining equipment. Last year, it added over $21.8 million in revenue by self-mining 356.8 Bitcoins, and this year it expects to generate an additional $220.1 million for a forecasted 3,629 Bitcoins. 

Further, it charges a break-even price for mining is $9,000 per coin. The company is also climate-conscious as in 2020, over 59% of its energy sources were carbon-free. It has already devised an ambitious plan to become carbon-neutral on a net-zero basis by 2050. 

PrimeBlock also has a small Ethereum (ETH) mining operation that extracted over 699 Ethereum coins in 2021. 

What is Bitcoin? 

Primeblock To Go Public

Bitcoin and Ethereum are decentralized cryptocurrencies. They are not under the control of any central bank, the government, or a single administrator. They can be shared and sent on a peer-to-peer basis without any intermediary. Such digital currency transactions are verified by blockchain that works through network nodes cryptography and records all transactions in public distributed ledger.  

Cryptocurrencies were first invented in 2008 by an anonymous individual named Satoshi Nakamoto. Bitcoin began to be used in 2009 after its implementation was released via open-source software. 

Is it Legal to Trade Cryptocurrencies? 

Countries have found it extremely difficult to regulate cryptocurrencies because of their decentralized nature. However, the governments can nonetheless criminalize the possession and exchange of Bitcoins.  

At Present, there is an absolute ban on cryptocurrency trading in some Middle Eastern countries like UAE, Egypt, China, Turkey, Russia, and Pakistan, among others. 

In 2021, El Salvador became the first country to officially adopted Bitcoin as legal tender, despite internal and international criticism. Other countries that accept and legalize Bitcoin are Denmark, France, Germany, Iceland, Japan, Mexico, Spain, and the United Kingdom. 

Meanwhile, India is currently contemplating regulating and taxing digital assets transactions, including cryptocurrencies. While presenting the Union Budget 2023, Indian Finance Minister Nirmala Sitharaman mooted the idea to tax digital and virtual assets like cryptocurrencies and NFTs. She announced that the government may soon any income from the transfer of any digital virtual asset at the rate of 30 percent.

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