GRIID Infrastructure Inc (GRDI) News

GRDI........................................https://stockcharts.com/h-sc/ui?s=GRDI&p=W&b=5&g=0&id=p86431144783

GRDI....................https://stockcharts.com/h-sc/ui?s=GRDI&p=W&b=5&g=0&id=p86431144783

GRIID Infrastructure to Add 60 MW with New Bitcoin Mining Facility in Tennessee

Source: GlobeNewswire Inc.

GRIID Infrastructure Inc. (NASDAQ: GRDI) (“GRIID” or “Company”), an American infrastructure company that develops and operates vertically integrated bitcoin mining facilities, announced plans to develop and operate a 60 MW bitcoin mining site in Tennessee. The new mining site will be located in Jackson, Tennessee on a 15-acre plot owned by the Company. The local utility, Jackson Energy Authority, has built a substation on the property to support the Company’s plans to begin operations in 2024.
“GRIID came to the Tennessee Valley because of the favorable business climate and the availability of reliable and affordable low-carbon electricity,” said Trey Kelly, CEO of GRIID. “Thanks to the Tennessee Valley Authority (TVA) and its affiliate, Jackson Energy Authority, we will increase our presence in TVA and further our investment in Tennessee. We are grateful to the city of Jackson – they’ve welcomed us with open arms.”

The Company’s arrival in Central Tennessee represents a continued commitment to doing business in a state that is rapidly becoming one of the centers of the bitcoin industry in the U.S. GRIID currently operates three mining sites in East Tennessee in Limestone, Maynardville and Lenoir City in addition to a development, deployment, and equipment repair center in Rutledge, Tennessee.

GRIID's expansion plans are getting a warm reception from local officials, including Jackson Mayor Scott Conger, a bitcoin enthusiast who has been profiled in the national media and has explored the possibility of paying Jackson’s city employees a portion of their salary in bitcoin.

"We are excited to have GRIID Infrastructure expand their operations in our hometown," said Mayor Conger. "The company is the first of its kind in Jackson, further highlighting our reputation as a center of innovation and business expansion."

“We’re excited to be working with GRIID Infrastructure on the establishment of the new mining facility in Jackson,” said Monte Cooper, President and CEO of the Jackson Energy Authority (JEA). “By luring a bitcoin mining company like GRIID to Jackson, we’re selling more electricity, increasing JEA revenues, and helping the city generate additional sales, property and business tax receipts at no additional cost to our ratepayers, as GRIID is paying for its own substation. It’s a win-win-win for GRIID, Jackson and JEA.”

About GRIID Infrastructure Inc.
GRIID is a purpose-built bitcoin mining company, founded in 2018, that has operated mining facilities since 2019. GRIID has built long-term power relationships securing affordable, reliable, environmentally responsible power, enabling a vertically integrated self-mining business model with significant growth opportunity. Headquartered in Cincinnati, Ohio, GRIID operates a R&D center in Austin, Texas and a development, deployment and equipment repair center in Rutledge, Tennessee. GRIID currently maintains mining facilities in Watertown, New York; Limestone, Maynardville and Lenoir City, Tennessee. To learn more, please visit www.griid.com.

Forward-Looking Statements

Yet another crypto company