- CleanSpark introduced on June 27 that it had acquired GRIID Infrastructure, a US-based Bitcoin miner for $155 million.
- The corporate expects the all-stock deal to shut in Q3, 2024 topic to GRIID shareholder approval and different customary necessities.
Bitcoin miner CleanSpark introduced at the moment that it has entered an settlement to accumulate GRIID Infrastructure in an all-stock transaction valued at $155 million.
In keeping with a press release the merger settlement additionally noticed the 2 Bitcoin mining corporations seal an unique internet hosting settlement for all of GRIID’s at the moment accessible 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 different offers earlier than, expects to construct out its operations in Tennessee over the subsequent three years. This could 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 acquired unanimous approval from the Boards of Administrators of each corporations.
As such, they count on the deal will shut in Q3, 2024. Nevertheless, 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. Within the newest improvement across the saga, Riot has reportedly determined to go for an overhaul of the Bitfarms’ board by taking up three seats.