CleanSpark announced on June 27th that it has completed the acquisition of the U.S. bitcoin miner GRIID Infrastructure for $155 million. The company expects the all-stock transaction to be finalized in the third quarter of 2024, subject to approval from GRIID shareholders and other customary closing conditions.
In a press release, the two bitcoin mining companies also signed an exclusive hosting agreement for all available power at GRIID as part of the merger agreement. 20 megawatts of power will be immediately allocated to CleanSpark.
Zach Bradford, CEO of CleanSpark, stated, “We look forward to welcoming the GRIID team to the CleanSpark family and are excited to apply the CleanSpark way that we have meticulously built alongside our communities in Georgia and Mississippi into GRIID’s impressive pipeline in Tennessee.”
CleanSpark has previously completed other transactions and plans to expand its operations in Tennessee over the next three years, reaching the same operational capacity as in Georgia during the same period.
Bradford noted, “This achievement has been built on the foundation of constructing over 400 megawatts of infrastructure, supported by valuable long-term power contracts.”
The mining company aims to exceed 100 megawatts in Tennessee by the end of this year, 200 megawatts by 2025, and 400 megawatts by 2026.
According to the announcement, the acquisition of GRIID by CleanSpark has received unanimous approval from both companies’ boards. Therefore, they expect the transaction to be completed in the third quarter of 2024. However, this is still subject to approval from GRIID shareholders and other customary closing conditions.
As CleanSpark acquires GRIID, another bitcoin miner, Riot Platforms, has faced obstacles in its plans to acquire Bitfarms. In the latest development of this saga, Riot has decided to overhaul Bitfarms’ board, taking up three seats.