Bitcoin Miner Rhodium Enterprises Plans to Raise Up to $100M in IPO
The miner expects to use its liquid-cooling technology to mine bitcoin more efficiently.
Oct 29, 2021 at 7:22 p.m. UTCUpdated May 11, 2023 at 7:03 p.m. UTC
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Bitcoin miner Rhodium Enterprises intends to become a publicly traded company, according to a filing with the U.S. Securities and Exchange Commission (SEC), in which it outlined plans to raise up to $100 million.
- The Delaware-based company, which started mining in September 2020, will trade under the ticker RHDM. The miner generated revenue, net income and adjusted EBITDA of $48.2 million, $14.9 million and $40.9 million, respectively, during the six months ended June 30, according to the filing.
- Rhodium plans to use its proprietary liquid-cooling technology to mine bitcoins cost effectively. The company said that the technology extends the mechanical life of its bitcoin miners by 30%-50%.
- Rhodium said that its 80 megawatt (MW) of power capacity is enough to run more than 22,600 miners at its “initial Texas site.” These miners have a total hashrate of about 1.8 exahash per second (EH/s).
- The company expects to add 45 MW of additional power and grow its hashrate to approximately 2.7 EH/s by year’s end.
- Rhodium is launching a second Texas mining facility by April 2022, and it has already acquired miners with approximately 225 MW of power for delivery the same month.
- B. Riley Securities is the sole book running manager of the IPO.
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Aoyon Ashraf is managing editor with more than a decade of experience in covering equity markets