Bitcoin miner CleanSpark has announced plans to merge with Griid Infrastructure, acquiring all of the mining firm’s common shares in a transaction valued at $155 million. The merger agreement includes CleanSpark gaining access to 20 megawatts (MW) of Griid’s current power capacity, which is expected to significantly enhance CleanSpark’s operational capabilities. The company projects that this acquisition could boost its power capacity by over 400 MW within the next two years.
CleanSpark CEO Zach Bradford emphasized the strategic advantages of the acquisition, noting that Griid’s energy infrastructure in Tennessee aligns well with CleanSpark’s existing operations in Georgia and Mississippi. “This acquisition provides us with a clear and steady path over the next three years,” Bradford stated, expressing confidence in the merger’s long-term benefits.
In Georgia, CleanSpark has developed over 400 MW of power capacity supported by valuable, long-term power contracts. The company also operates power infrastructure in Mississippi and co-locates mining machines in New York. In addition, CleanSpark has announced plans to develop more mining facilities in Wyoming, further expanding its operational footprint.
Following the announcement, Griid Infrastructure’s stock price fell sharply, dropping 49% to $1.20 per share. Despite this decline, shares in the Cincinnati-based mining firm have surged 55% over the past month, indicating investor optimism about its future prospects. Meanwhile, CleanSpark’s stock experienced a minor uptick of 0.44%, trading at $16.15 per share.
Related Topics:
