• CleanSpark introduced on June 27 that it had acquired U.S.-based bitcoin miner GRIID Infrastructure for $155 million.
• The corporate expects the all-stock transaction to shut within the third quarter of 2024, topic to GRIID shareholder approval and different customary circumstances.

Bitcoin miner CleanSpark introduced right now that it has signed an settlement to accumulate GRIID Infrastructure in an all-stock transaction valued at $155 million.

In keeping with the press launch, the merger settlement additionally sees the 2 bitcoin mining corporations enter into an settlement to solely host all of GRIID's at the moment accessible energy, of which 20MW shall be allotted to CleanSpark instantly.

“We sit up for welcoming the GRIID staff to the CleanSpark household and are excited to use the CleanSpark methodology that we've rigorously honed with the communities through which we function in Georgia and Mississippi to GRIID's spectacular pipeline in Tennessee,” CleanSpark CEO Zach Bradford stated in an announcement.

CleanSpark goals for 400MW by 2026

CleanSpark has already signed a number of offers to develop its operations in Tennessee over the following three years, which can deliver the mining firm to the identical operational capability it manages in Georgia in that very same time-frame.

“The result’s greater than 400MW of infrastructure backed by worthwhile long-term energy contracts,” Bradford famous.

The corporate goals to exceed 100 MW in Tennessee by the tip of this 12 months, 200 MW in 2025 and 400 MW in 2026.

The transaction is predicted to shut within the third quarter.

In keeping with the announcement, CleanSpark's acquisition of GRIID has already been unanimously authorised by the boards of administrators of each corporations.

As such, they anticipate the transaction to shut within the third quarter of 2024, topic to approval by GRIID shareholders and different customary closing circumstances.

CleanSpark's acquisition of GRIID comes as one other bitcoin miner, Riot Platforms, has stalled its plan to accumulate Bitfarms. Within the newest improvement in that turmoil, Riot Reportedly The choice has been made to revamp BitFarm's board of administrators by including three seats.