US Bitcoin Mining Company Rhodium Is Coming Soon to List on Nasdaq

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[Blockchain Today Correspondent Yohan Park] Texas-based bitcoin miner Rhodium Enterprises will soon be listed on the NASDAQ, Cointelegraph reported. In the cryptocurrency industry, rhodium is the first knock on the Nasdaq door of the new year.

Reportedly, Rhodium Enterprises is a cryptocurrency technology company that mines Bitcoin in-house using proprietary technology and liquid cooling technology.

The company said in an initial public offering (IPO) filing with the US Securities and Exchange Commission (SEC) last week that it plans to offer 7.69 million shares for between $12 and $14 in its first public offering to outside investors. In the future, 56.8 million shares of class A and 67.5 million shares of class B, which are traded as ‘RHDM’ on the Nasdaq, are issued, and the total value of the company is expected to be 1.7 billion dollars.

According to an IPO submitted by Rhodium Enterprises, the company currently operates 125 MW of mining capacity from its Texas headquarters. Thus, there are 33,600 Bitcoin miners running, with a total combined hashrate capacity of about 2.7 EH/s. After a total of $100 million in capital is raised after the IPO, Rhodium plans to build a second plant in Texas to “develop additional capacity of 225 MW.”

Texas, where Rhodium Enterprises is located, is widely known in the United States as a Bitcoin mining friendly state. Late last year, Texas Senator Ted Cruz argued that bitcoin mining should be used to recover Texas’ waste natural gas, while the Texas Electricity Reliability Commission (ERCOT), which oversees the state’s electricity grid, said the demand for bitcoin mining power in Texas was is expected to increase fivefold by 2023.

From January 1 to September 30 of last year, the average cost of electricity generated by rhodium for Bitcoin was about $2507 compared to the average price of $47,000 for Bitcoin at the time.

Meanwhile, in the US, Marathon, Bitdeer Technologies, Riot Blockchain, and Bit Digital have been listed on the stock exchange in the past three years.

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