Rhodium Enterprises, the Texas-based Bitcoin (BTC) mining company, has planned to offer 7.69 million shares at $12–$14 each in an IPO.
It has been reported that trading under the ticker “RHDM” on Nasdaq, 56.8 million class A and 67.5 million class B shares will be released, ultimately valuing the company at just shy of $1.7 billion. Rhodium is a cryptocurrency technology company that uses proprietary tech and liquid cooling technology to self-mine Bitcoin.
However, their goal is to be the most sustainable and cost-efficient producer of Bitcoin in the industry. The company joins a growing list of US-based companies that mine Bitcoin. Over the past three years, Marathon, Bitdeer Technologies, Riot Blockchain, and Bit Digital listed on stock exchanges such as NASDAQ.
The report said that according to the filing, Rhodium currently runs 125 megawatts (MW) of mining power capacity at its first Texas site. Hence, 33,600 Bitcoin miners are running, churning out a total combined hash rate capacity of approximately 2.7 EH/s. After the IPO and a raise of $100 million capital, it will run a second site in Texas where they "expect to develop 225 MW of additional capacity."
Likewise, by the end of 2022, the company will effectively more than double its current capacity. Bearing in mind that the average cost per BTC in 2021 was about $47,000, their electricity cost basis is staggering.
"Our infrastructure platform allows us to mine Bitcoin at a significantly lower cost compared to the industry average. For the period from January 1, 2021, to September 30, 2021, our average electricity cost to produce one Bitcoin was approximately $2,507."
Thus, Rhodium takes advantage of Texas’ “independent power market and abundance of low-cost renewable energy resources,” and pro-Bitcoin business environment. Given the company’s experience with liquid-cooling technology and efficiency, for tiny Bitcoin miners seeking to solve valid blocks, it just got a bit harder.