Bitcoin miner Rhodium plans to raise up to $100 million in IPO

Bitcoin miner Rhodium Enterprises intends to become a public company and plans to raise up to $100 million in an IPO, according to a filing with the U.S. Securities and Exchange Commission (SEC).

The Delaware-based company, which trades under the ticker RHDM, began mining in September 2020. The miner's revenue, net income and adjusted EBITDA were $48.2 million, $14.9 million and $40.9 million, respectively, in the six months ended June 30, according to the filing. Rhodium plans to use its proprietary liquid cooling technology to mine bitcoin cost-effectively. The company said the technology extends the mechanical life of its bitcoin mining machines by 30%-50%.

The company expects to add 45 MW of additional power by the end of the year and increase its hash rate to about 2.7 EH/s. In addition, Rhodium will start its second mining facility in Texas by April 2022 and has acquired miners with about 225 MW of power, which will be delivered in the same month.