Bitcoin mining company CleanSpark will acquire GRIID Infrastructure Inc. in an all-stock deal worth $155 million, set to complete by Q3 2024. This acquisition will expand CleanSpark’s operational footprint and integrate GRIID’s assets and debt profile.
The deal includes a pivotal 20 MW power hosting agreement, providing CleanSpark immediate access to power. Additionally, CleanSpark aims to enhance its mining capabilities with 160,000 new Bitmain S21 miners, boosting its hashing power by 12 EH/s initially.
CleanSpark has also purchased five turnkey mining sites in Georgia, supporting its goal of more than 20 EH/s operational hashrate by mid-2024. The company plans to expand its capacity to over 400 MW by 2026.
CEO Zach Bradford emphasized the environmental benefits of this expansion, highlighting CleanSpark’s commitment to sustainable mining. This strategic move positions CleanSpark for significant growth in the competitive Bitcoin mining industry.
