The shares of GRIID Infrastructure, a bitcoin mining firm based in Cincinnati, Ohio, continued to fall into the second trading day following the completion of its Nasdaq listing this week after its merger with Adit EdTech Acquisition Corp. (SPAC).

GRIID shares began trading around $7.30 on Monday morning, just a few hours after their Nasdaq debut. This was a 24% drop from the opening price of $9.66. GRDI ended the day at a loss of $43%, or $5.47 a share. The stock dropped as high as 17% on Tuesday before recovering its losses. GRDI had fallen about 3% as of the time this article was written.

The company announced first its intention of going public during the bull markets of 2021, when the combined enterprise values of the two companies were $3.3 billion. Miners, who are considered to be a proxy for Bitcoin as their revenue is mostly based on digital currency that they mine, have been hit especially hard by the recent crypto-winter. GRIID delayed the public listing of its digital assets during the bear markets and was finally able go public this past year, as the industry emerged from the bear markets.

Based on 65,000,000 shares outstanding as of December 29, the company’s market cap is currently around $322million.

GRIID was founded in 2018 and has now gone public at a time when the mining industry will be even more competitive due to the Bitcoin halving event that is scheduled to occur in April. The mining industry is expanding its fleets and upgrading them to be more efficient. Companies with the lowest costs can remain profitable after halving the mining rewards.

The company operates at mining facilities in Watertown (New York), Limestone (Maynardville), and Lenoir City (Tennessee). It has 68 Megawatts of electrical capacity. GRIID’s latest filing indicates that it expects its capacity to reach 436MW before the end of 2024.

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Aoyon A. Ashraf is the editor.