CleanSpark Announces Acquisition of GRIID Infrastructure Inc. in $155 Million Deal
Bitcoin mining company CleanSpark has made a significant move in the industry with the announcement of a definitive merger agreement to acquire GRIID Infrastructure Inc. in an all-stock deal worth $155 million. The acquisition is projected to be completed in the third quarter of 2024 and comes as part of CleanSpark’s strategic expansion in the Bitcoin mining business.
The agreement will see CleanSpark take over all the issued and outstanding common stock of GRIID, incorporating its debt and asset profile into CleanSpark’s operations. This includes a key hosting agreement that will give CleanSpark immediate control of 20 MW of power. CleanSpark will issue its common stock to GRIID stockholders based on a pre-determined exchange ratio.
CleanSpark’s CEO, Zach Bradford, expressed optimism about the merger, highlighting the growth opportunities it presents for the company. Bradford emphasized the importance of environmentally friendly mining practices, stating that the integration with GRIID will help amplify this advocacy.
In addition to the acquisition, CleanSpark has announced plans to enhance its mining capabilities by purchasing up to 160,000 Bitmain S21 miners. This major upgrade is expected to significantly increase CleanSpark’s hashrate in the cryptocurrency mining business, making it more competitive in the market. The initial acquisition of 60,000 units will add an estimated 12 EH/s to CleanSpark’s hashing power, with the possibility of acquiring more before the end of the year.
Furthermore, CleanSpark has secured deals to purchase five turnkey mining sites in Georgia, with a total capacity of 8MW – 15MW. These sites are part of the company’s strategy to achieve an operational hashrate of over 20 EH/s by mid-year. The addition of these sites will enhance CleanSpark’s mining activities and contribute to grid reliability and community relations.
Looking ahead, CleanSpark has ambitious plans for expansion in Tennessee, aiming to exceed 100 megawatts of capacity by the end of this year, reach 200 megawatts by 2025, and surpass 400 megawatts by 2026. The company’s strategic acquisitions and investments position it for continued growth and success in the competitive Bitcoin mining industry.
