- CleanSpark introduced on June 27 that it had acquired GRIID Infrastructure, a US-based Bitcoin miner for $155 million.
- The firm expects the all-stock deal to shut in Q3, 2024 topic to GRIID shareholder approval and different customary necessities.
Bitcoin miner CleanSpark introduced right this moment that it has entered an settlement to amass GRIID Infrastructure in an all-stock transaction valued at $155 million.
According to a press release the merger settlement additionally noticed the 2 Bitcoin mining firms seal an unique internet hosting settlement for all of GRIID’s at present obtainable energy. 20 MW of this energy will instantly be allotted to CleanSpark.
“We are looking forward to welcoming the GRIID team into the CleanSpark family and we are excited to apply the CleanSpark way, carefully honed alongside the communities we operate in Georgia and Mississippi, to GRIID’s impressive pipeline in Tennessee,” CleanSpark CEO Zach Bradford stated in a press release.
CleanSpark eyes 400 MW by 2026
CleanSpark, which has closed other deals before, expects to construct out its operations in Tennessee over the subsequent three years. This ought to see the miner attain operational capability it managed in Georgia over the identical interval.
“That achievement was to build out over 400 MW of infrastructure backed by valuable, long-term power contracts,” Bradford famous.
The miner targets surpassing 100 MW in Tennessee by the tip of this 12 months, 200 MW in 2025 and over 400 MW in 2026.
Deal anticipated to shut in Q3
Per the announcement, CleanSpark’s acquisition of GRIID has already obtained unanimous approval from the Boards of Directors of each firms.
As such, they anticipate the deal will shut in Q3, 2024. However, that is nonetheless topic to approval by GRIID shareholders in addition to different customary closing circumstances.
CleanSpark’s acquisition of GRIID comes as one other Bitcoin miner Riot Platforms’ plans to take over Bitfarms hit a snag. In the newest improvement across the saga, Riot has reportedly determined to go for an overhaul of the Bitfarms’ board by taking over three seats.
