Bitcoin mining company CleanSpark Inc. has acquired GRIID Infrastructure Inc. in a stock deal worth $155 million. The merger will bolster CleanSpark’s capabilities with an exclusive hosting agreement provided by GRIID. As part of the agreement, CleanSpark will immediately receive 20 megawatts of operational capacity. GRIID currently operates an R&D center in Texas and an equipment repair center in Tennessee. The merger is expected to be finalized in the third quarter of 2024. CleanSpark CEO Zach Bradford expressed excitement about the acquisition, stating that it will provide a clear path for the company’s expansion in Tennessee. CleanSpark has been actively acquiring various mining facilities throughout the year, including five new facilities in Georgia and four facilities in Mississippi and Georgia. The company is focused on scaling its operations and improving efficiency to remain competitive in the rapidly evolving Bitcoin mining industry. The merger with GRIID will further support CleanSpark’s expansion and highlight the importance of reliable energy solutions in crypto mining.
