Bitcoin Mining Firm CleanSpark Acquires GRIID in $155M Stock Deal

Strategic Merger to Boost CleanSpark’s Bitcoin Mining Capacity

Bitcoin miner CleanSpark Inc. has announced a merger agreement with GRIID Infrastructure Inc., acquiring the company in an all-stock transaction valued at $155 million. This strategic acquisition is set to enhance CleanSpark’s mining capabilities through an exclusive hosting agreement with GRIID.

As part of the merger, CleanSpark will immediately gain access to 20 megawatts of power, boosting its operational capacity. GRIID’s infrastructure includes an R&D center in Texas and an equipment repair facility in Tennessee. The deal is expected to close in the third quarter of 2024.

“This acquisition provides us with a clear and steady path to replicate our successful expansion in Georgia over the next three years in Tennessee,” said Zach Bradford, CleanSpark’s CEO. “We aim to build over 400 MW of infrastructure supported by valuable, long-term power contracts.”

Expanding Mining Infrastructure

CleanSpark has been actively expanding its mining infrastructure throughout the year. Earlier this month, the company acquired five turnkey Bitcoin mining facilities in rural Georgia for $25.8 million, adding 60 megawatts of capacity and increasing its operating hash rate.

Additionally, CleanSpark secured a major infrastructure deal at the start of the year, purchasing 60,000 Bitmain S21 miners for $193.2 million. In February, the company also acquired four new mining facilities in Mississippi and Dalton, Georgia.

Strategic Growth in a Competitive Market

By integrating GRIID’s assets, CleanSpark aims to scale its operations and improve efficiency in the competitive Bitcoin mining industry. The immediate hosting agreement provides the necessary infrastructure to support this expansion, emphasizing the importance of reliable and scalable energy solutions in crypto mining.

The merger highlights the dynamic shifts in the Bitcoin landscape, with the crypto sector continuing to gain momentum and attract broader financial investment. As the industry matures, similar mergers and consolidations are expected to become more common, driven by the need for operational efficiency and competitive advantage.