Bitcoin miner CleanSpark recently announced its acquisition of rival GRIID Infrastructure for $155 million, along with an exclusive hosting agreement for all available power. This move comes as BTC miners face challenges post-halving, encouraging them to diversify into altcoin mining and AI.
Under the deal, CleanSpark will absorb GRIID’s debt and obligations, providing working capital and bridge loans as well. CEO Zach Bradford aims to replicate the firm’s Georgia success in Tennessee, projecting rapid growth to exceed 400 megawatts by 2026.
The acquisition has been approved by both companies’ Boards of Directors, with a closing expected in the third quarter of 2024 pending shareholder approval and other conditions. GRIID shareholders will receive CleanSpark common stock based on a predetermined exchange ratio.
Established in 2018, GRIID operates mining facilities in New York and Tennessee, along with research and development centers in Texas. The acquisition saw a significant market response, with GRIID’s shares dropping and CleanSpark’s climbing after the news.
Overall, the acquisition of GRIID Infrastructure represents a strategic move by CleanSpark to expand its mining operations and strengthen its market position. With a focus on growth and innovation, the company aims to capitalize on the evolving landscape of cryptocurrency mining to drive future success and profitability.
