Bitcoin Miner Rhodium Enterprises Plans to Raise Up to $100M in IPO
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.