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Bitcoin miner CleanSpark announced a merger with GRIID Infrastructure in a $155 million transaction. According to the announcement on June 27, CleanSpark acquired all issued and outstanding common shares of GRIID in an all-stock transaction. As part of the deal, CleanSpark will assume all of GRIID’s debts and requires a special hosting agreement that allocates 20 megawatts of power to CleanSpark.
Notable Move by Bitcoin Miner
Along with these developments, CleanSpark provided GRIID with a $5 million working capital loan and $50.9 million in funds for urgent liabilities. The agreement is expected to add over 400 megawatts of power to CleanSpark in the next few years. CleanSpark CEO Zach Bradford shared the following statements:
“We foresee this allowing us to exceed 100 megawatts in Tennessee by the end of this calendar year and increase to 200 megawatts in 2025 before surpassing 400 megawatts in 2026. While building the infrastructure to power a gigawatt data center operation in Tennessee, we will continue to work with local communities at every step.”
Shares of CleanSpark, trading under the symbol CLSK, rose by 2.2% to $16.44 on June 27, achieving over 50% gains year-to-date. As of February 2024, GRIID operated two mining facilities in East Tennessee and a co-located facility in New York. The majority of the sites are in Tennessee, with a mining capacity of 68 megawatts, and earlier this year, the company announced plans to increase its mining capacity in the Tennessee Valley to approximately 150 megawatts.
What’s Happening in the Mining Sector?
Bitcoin miners have been expanding their data center portfolios in recent months. For example, Marathon Digital acquired two operational mining sites from Generate Capital in December, allowing the firm to double its hash rate within two years.
Earlier this month, CleanSpark announced more acquisitions: five mining facilities in Georgia, adding a total of 60 megawatts of power to its operations. In March, the company filed with the Securities and Exchange Commission to sell up to $800 million in shares and raise additional capital.
