Bitcoin miner GRIID nets $525 million loan from to bolster mining operations

Ohio-based bitcoin mining firm GRIID announced Monday that it has inked a $525 million credit facility from crypto platform 

A credit facility is a type of loan in which the lendee can withdraw some or all of the designated amount until the term’s end. GRIID’s credit facility has a four-year term, and the company intends to use the loan to bolster its mining capacity and scale, according to a release. 


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“ is an ideal capital partner as we strengthen our infrastructure and operations across our growing portfolio of bitcoin mining facilities,” said GRIID founder and CEO Trey Kelly in a statement. 

As mining firms looked to elsewhere to set up shop, many U.S-based companies have received funding to either setup bitcoin mining farms or scale up their operations within the last few months.

Recent examples include the China-based English training firm Meten EdtechX entering the mining industry in early November and the crypto lender Celsius securing a total of $500 million for bitcoin mining, as reported by The Block. 

About Author

MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University's Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.