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