Bitcoin
Bitcoin Miner CleanSpark to Acquire Network Infrastructure in $155 Million Deal
Bitcoin Miner CleanSpark to Acquire Network Infrastructure in $155 Million Deal
CleanSpark Bitcoin Miner announced CleanSpark Inc. has announced plans to merge with Griid Infrastructure, acquiring all of the mining company’s common stock in a deal valued at $155 million. As part of the merger agreement, CleanSpark will gain access to 20 megawatts (MW) of Griid’s currently available power, which is expected to significantly increase CleanSpark’s operating capacity. The company estimates that this deal could increase its power capacity by more than 400 MW over the next two years.
CleanSpark CEO Zach Bradford highlighted the strategic benefits of the acquisition, noting that Griid’s energy infrastructure in Tennessee complements CleanSpark’s existing operations in Georgia and Mississippi. “This acquisition would give us a clear and stable path over the next three years,” Bradford said, expressing confidence in the long-term benefits of the merger.
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 equipment in New York. Further expanding its footprint, CleanSpark announced the development of additional mining facilities in Wyoming.
Following the announcement, Griid Infrastructure’s share price plummeted, falling 49% to $1.20 per share. Despite this sharp decline, the Cincinnati-based mining company’s shares rose 55% last month, reflecting optimism about its future prospects. CleanSpark shares showed little change following the announcement, up slightly by 0.44% to trade at $16.15 per share.