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Bitcoin Mining Firm CleanSpark Acquires GRIID in $155M Stock Deal

CleanSpark Inc., a Bitcoin miner, has officially announced its merger with GRIID Infrastructure Inc. in a transaction valued at $155 million, which will be completed entirely through stock exchange.

The merger is anticipated to enhance CleanSpark’s capabilities significantly, leveraging an exclusive hosting agreement provided by GRIID. Immediate benefits include an allocation of 20 megawatts to CleanSpark, thereby expanding its operational capacity. GRIID currently operates a research and development center in Texas and an equipment repair facility in Tennessee.

CleanSpark expects the transaction to finalize by the third quarter of 2024, as stated in their official statement.

Zach Bradford, CEO of CleanSpark, commented, “This acquisition positions us with a clear and sustainable trajectory to replicate our successful growth achieved in Georgia over the past three years in Tennessee.”

“In Georgia, we successfully developed over 400 MW of infrastructure supported by valuable, long-term power contracts,” Bradford added.

CleanSpark Acquires Mining Facilities in Georgia

CleanSpark has been actively expanding through various acquisitions this year. Earlier this month, the company acquired five new turnkey Bitcoin mining facilities located in rural Georgia. Valued at $25.8 million in cash, this acquisition significantly bolsters CleanSpark’s infrastructure by adding 60 megawatts of capacity and boosting its operational hash rate.

Additionally, CleanSpark capitalized on Bitcoin’s increasing value with a substantial investment at the beginning of the year. They purchased 60,000 Bitmain S21 miners for $193.2 million.

In February, CleanSpark further expanded its footprint by acquiring four additional mining facilities—three located in Mississippi and one in Dalton, Georgia.

Through its recent merger agreement integrating GRIID’s assets, CleanSpark aims to further scale its operations and enhance efficiency. This move underscores the company’s strategic response to the dynamic and competitive landscape of the bitcoin mining industry.

The hosting agreement takes immediate effect, providing CleanSpark with essential infrastructure to bolster its expanded operations, underscoring the critical role of dependable and scalable energy solutions in crypto mining.

Against the backdrop of dynamic changes in the Bitcoin landscape, 2024 has seen ongoing momentum in the crypto sector, drawing increased investment from the broader financial community.

As the crypto industry matures, we can anticipate more frequent mergers and consolidations driven by the quest for improved operational efficiency and competitive edge.

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Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

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