Bitcoin Miner Rhodium Enterprises plans to raise up to $100 million – Bits Media

Mining company intends to use liquid cooling for more efficient BTC mining. This solution increases the value of the company for potential investors.

Rhodium Enterprises, which specializes in Bitcoin mining,
submitted an application to US Securities and Exchange Commission (SEC), in which she outlined plans to attract up to $100 million during the IPO. According to the financial report for the first half of the year, company revenue in 2021 year from 1 January by 30 June amounted to 48.2 million, net profit - $14.9 millions, and adjusted EBITDA is $40.9 millions.

Rhodium plans to use its patented liquid cooling technology for cost-effective Bitcoin mining. The company said, that this technology increases the service life of its miners by 30-50%. Rhodium's power 80 megawatts (MW) enough to work more 22 600 miners at a site in Texas. These miners have a total hashrate of about 1.8 Exaches per second (EH/s).

The company plans to add 45 MW of additional power and increase the hashrate to approximately 2.7 Eh/s by the end of 2021. By April 2022 Rhodium is launching a second data center in Texas and has already purchased mining equipment with a total capacity of about 225 MW. New miners will be delivered by April 2022 of the year.

The trend to attract funding through IPOs is increasingly sweeping the mining industry.. This month, Pennsylvania-based cryptocurrency miner Stronghold plans to sell nearly 6 million shares and thereby expand your equipment fleet. A month ago, London Stock Exchange-listed mining company Argo Blockchain entered the Nasdaq Stock Exchange with 7.5 million American depositary receipts (ADR).

It is worth noting, that the securities of mining companies are not in such demand, like shares of cryptocurrency companies in other directions. Concerns surround Ethereum's imminent transition to PoS and the expanding campaign against high energy consumption of mining.