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    CleanSpark Aims for 400MW Bitcoin Mining Power Boost with GRIID Acquisition

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    CleanSpark has purchased US infrastructure firm GRIID as part of its plan to build 400MW of mining capacity. The acquisition will allow for more power supply and regional expansion in Tennessee. The $155m all-stock deal, which began in June, converts every GRIID common stock into about 0.06959 of CleanSpark common stock. Following the merger, CleanSpark’s shares have dropped 12% to $10.70, paralleling a 6% dip in the crypto market. The acquisition follows CleanSpark’s acquisition of seven Tennessee mining facilities, boosting its hashrate by 22%. 

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    Bitcoin mining company CleanSpark has taken a significant step towards its goal to build 400 megawatts of capacity in the next few years. This comes after they successfully bought American infrastructure company GRIID. CleanSpark’s boss, Zach Bradford, confirmed the news and mentioned that the acquisition is a big strategic win that would help their Bitcoin mining work in Tennessee.

    The acquisition paves the way for CleanSpark to construct over 400 megawatts of capacity in the future years. Bradford also highlighted how this acquisition gave them more options due to a growth in power supply and geographic expansion in Tennessee.

    CleanSpark is excited to integrate the team from GRIID, Bradford added. They’ve known each other well over the past three months as they worked towards merging the companies. Up to this point, GRIID has already helped CleanSpark with 50 MW of mining capacity.

    The $155 million all-stock merger started in June. Under the agreement terms, every GRIID common stock was converted into about 0.06959 of CleanSpark common stock.

    Trey Kelly, GRIID’s former CEO, is organized about the bright future of the united company. US Senator Bill Hagerty has also warmly welcomed CleanSpark to Tennessee, stating that the state is quickly becoming a hub of the Bitcoin industry in the States.

    GRIID has asked Nasdaq to freeze trading of its common stock before the trades began on October 31, 2024.

    In September, CleanSpark agreed to buy seven mining facilities and related land in the Knoxville area of Tennessee. This move helped increase their hashrate to 22%. CleanSpark also reported a 187% increase in its hashrate over the past year, on October 4.

    CleanSpark’s shares have fallen 12% off the back of the merger, dropping to $10.70 after the market closed. But this drop lines up with an overall 6% slump in the crypto market, which also influenced mining stocks.

    Source: Cointelegraph

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