Bitcoin (BTC) mining firm PrimeBlock reportedly disclosed details related to its upcoming merger with special purpose acquisition vehicle (SPAC) company 10X Capital Venture Acquisition Corp II. 

Specifically, should the merging work – with the expected timeline for finalization being the latter half of 2022 – be completed, PrimeBlock would reportedly be able to achieve $1.323 billion regarding its enterprise value. 

The firm has reportedly completed the installation of 1.8 exahash per second of BTC self-mining equipment, which takes up roughly 0.89% of the Bitcoin network’s overall hash rate.

Per PrimeBlock, its break-even price for mining is $9,000 for every coin. Two years ago, as much as 59% of its energy sources were carbon-free, with the entity working towards a goal of becoming carbon-neutral on a net-zero basis by the year 2050.

In 2021, PrimeBlock reportedly managed to reel in $21.8 million in capital gains via mining 356.8 BTC.

However, this year, the company shared an expectation of generating $220.1 million in revenue, or a forecasted 3,629 BTC, partly via rapidly expanding its mining capacities to over 10 exahash per second. 

The firm additionally operates a small Ethereum (ETH) mining operation, extracting 699 of such digital assets in 2021.

“Gaurav and the leadership team […] have successfully deployed over 110 megawatts of data center capacity and generated more than $24 million of revenue in the fourth quarter. They have built strong relationships with key partners […] with a commitment to net-zero carbon emissions by 2050” Hans Thomas, chairman and CEO of 10X Capital, reportedly remarked regarding the business agreement.