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HomeMarketCleanSpark acquires Bitcoin miner GRIID for $155 million

CleanSpark acquires Bitcoin miner GRIID for $155 million

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  • On June 27, CleanSpark introduced that it had acquired GRIID Infrastructure, an American bitcoin miner, for $155 million.
  • The corporate expects the all-stock deal to shut in Q3 2024, topic to GRIID shareholder approval and different customary necessities.

Bitcoin miner CleanSpark introduced at present that it has entered into an settlement to accumulate GRIID Infrastructure in an all-stock transaction valued at $155 million.

In line with the press launch, the merger settlement additionally meant that the 2 bitcoin mining corporations entered into an unique internet hosting settlement for all at the moment accessible GRIID energy. 20 MW of this capability will probably be instantly allotted to CleanSpark.

“We stay up for welcoming the GRIID workforce to the CleanSpark household and are excited to use the CleanSpark methodology, rigorously honed with the communities we serve in Georgia and Mississippi, to GRIID's spectacular pipeline in Tennessee,” stated CleanSpark CEO Zach Bradford in declaration.

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CleanSpark eyes 400 MW by 2026

CleanSpark, which has beforehand closed different offers, expects to broaden its operations in Tennessee over the subsequent three years. This could see the miner attain the working capability it managed in Georgia throughout the identical interval.

β€œThis achievement was the development of over 400MW of infrastructure backed by beneficial long-term energy contracts,” famous Bradford.

The miner goals to surpass 100 MW in Tennessee by the tip of this yr, 200 MW in 2025 and greater than 400 MW in 2026.

The deal is predicted to shut within the third quarter

CleanSpark's acquisition of GRIID has already obtained unanimous board approval from each corporations, based on the announcement.

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They anticipate the transaction to shut within the third quarter of 2024. Nevertheless, that is nonetheless topic to approval by GRIID shareholders, in addition to different customary closing situations.

CleanSpark's acquisition of GRIID comes as one other bitcoin miner Riot Platforms' plans to accumulate Bitfarms hit a snag. Within the newest growth across the saga, Riot has supposedly has determined to overtake the Bitfarms board by taking three seats.

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