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CleanSpark acquires Bitcoin miner GRIID for $155 million

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  • 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 in the present day that it has entered an settlement to accumulate GRIID Infrastructure in an all-stock transaction valued at $155 million.

In accordance with a press launch the merger settlement additionally noticed the 2 Bitcoin mining corporations seal an unique internet hosting settlement for all of GRIID’s at present obtainable energy. 20 MW of this energy will instantly be allotted to CleanSpark.

“We’re trying ahead to welcoming the GRIID workforce into the CleanSpark household and we’re excited to use the CleanSpark means, rigorously honed alongside the communities we function in Georgia and Mississippi, to GRIID’s spectacular pipeline in Tennessee,” CleanSpark CEO Zach Bradford stated in an announcement.

CleanSpark eyes 400 MW by 2026

CleanSpark, which has closed different offers earlier than, expects to construct out its operations in Tennessee over the following three years. This could see the miner attain operational capability it managed in Georgia over the identical interval.

“That achievement was to construct out over 400 MW of infrastructure backed by useful, long-term energy contracts,” Bradford famous.

The miner targets surpassing 100 MW in Tennessee by the top 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 anticipate the deal will shut in Q3, 2024. Nonetheless, 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 over three seats.

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