The mining company intends to use liquid cooling to mine BTC more efficiently. This solution adds value to the company for potential investors.
Rhodium Enterprises, which specializes in bitcoin mining, has filed an application with the US Securities and Exchange Commission (SEC), in which it outlined plans to raise up to $ 100 million in an IPO. According to the financial report for the first half of the year, the company’s revenues in 2021 in the period from January 1 to June 30 were 48.2 million, net income – $ 14.9 million, and Adjusted EBITDA – $ 40.9 million.
Rhodium plans to use its proprietary liquid cooling technology to mine bitcoin cost-effectively. The company said the technology increases the lifespan of its miners by 30-50%. Rhodium’s 80 megawatt (MW) capacity is enough to power more than 22,600 miners at the Texas site. These miners have a total hash rate of about 1.8 exhashes per second (EH / s).
The company plans to add 45 MW of additional capacity and increase the hashrate to around 2.7 Eh / s by the end of 2021. By April 2022, Rhodium is launching a second data center in Texas and has already purchased mining equipment with a total capacity of about 225 MW. New miners will be delivered by April 2022.
The trend to raise finance through IPOs is increasingly spreading to the mining industry. Stronghold, a major Pennsylvania-based cryptocurrency miner, plans to sell nearly 6 million shares this month, expanding its fleet of equipment. A month ago, London Stock Exchange-listed mining company Argo Blockchain entered the Nasdaq Stock Exchange with 7.5 million American Depositary Receipts (ADRs).
It is worth noting that the securities of mining companies are not in such demand as the shares of cryptocurrency companies in other areas. Concerns are related to Ethereum’s imminent transition to PoS and an expanding campaign against high mining power consumption.
