- CleanSpark announced on June 27 that it had acquired GRIID Infrastructure, a US-based Bitcoin mining company, for $155 million.
- The Company expects the all-stock transaction to close in the third quarter of 2024, subject to GRIID shareholder approval and other customary requirements.
Bitcoin mining company CleanSpark today announced that it has entered into an agreement to acquire GRIID Infrastructure in an all-stock transaction valued at $155 million.
According to a press release, under the merger agreement, the two Bitcoin mining companies have entered into an exclusive hosting agreement for all power currently available at GRIID. Of this power, 20 MW will be immediately allocated to CleanSpark.
“We are delighted to welcome the GRIID team to the CleanSpark family and are excited to apply the CleanSpark approach we have carefully honed with the communities we operate in Georgia and Mississippi to GRIID’s impressive pipeline in Tennessee,” said Zach Bradford, CEO of CleanSpark. .” he said. name.
CleanSpark aims for 400 MW by 2026.
CleanSpark, which has previously closed other deals, expects to expand its operations in Tennessee over the next three years. This will bring the miner to the operating capacity it managed in Georgia during the same period.
“The achievement has been to build more than 400 MW of infrastructure backed by valuable long-term power contracts,” Bradford commented.
The miner aims to surpass 100 MW in Tennessee by the end of this year, 200 MW by 2025 and more than 400 MW by 2026.
The transaction is expected to close in the third quarter.
According to the announcement, CleanSpark’s acquisition of GRIID has already received unanimous approval from both companies’ boards of directors.
Accordingly, they expect the transaction to close in the third quarter of 2024. However, this is still subject to approval by GRIID shareholders and other customary closing conditions.
CleanSpark’s acquisition of GRIID comes as another Bitcoin miner, Riot Platforms,’s planned acquisition of Bitfarms has hit a snag. In the latest development related to the case, Riot According to reports In order to reorganize the Bitfarms board of directors, it has decided to take up three seats.