Mining company GRIID received a loan for $ 525 million for the purchase of equipment

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American mining company GRIID received a $ 525 million line of credit from cryptocurrency platform. The funds will be used to purchase equipment and expand the business.

“For the last two years, we have worked closely with GRIID to not only provide funds, but also become a partner investing in business growth,” – wrote CEO Peter Smith on Twitter.

The credit line was opened for a period of 4 years. During this period, the GRIID management can use all available means, or only a part of them. This is convenient, because it is quite possible that manufacturers of mining equipment will not be able to meet the increased demand for devices.

“ is the ideal partner for us, allowing us to strengthen our infrastructure, grow our business and increase mining volumes,” said Trey Kelly, CEO of GRIID.

Note that North American miners continue to increase their capacity. The ban on the mining of cryptocurrencies in China has allowed the United States to take the first place in terms of mining volume. It was recently reported that the Canadian company Bitfarms is planning to launch a mining center in the US state of Washington.

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