US-listed cryptocurrency mining company CleanSpark has reached an agreement to acquire Bitcoin mining firm GRIID Infrastructure. Upon completion of transaction, CleanSpark plans to increase its power capacity by over 400 MW in the of Tennessee within the next two years.
According to a press release, CleanSpark will acquire issued and outstanding shares of GRIID at a total price of $155 million. two companies have also signed an exclusive hosting agreement for their current available power capacity, with20 MW immediately allocated to CleanSpark.
CleanSpark CEO Zach Bradford stated that the company’s operations in Tennessee expected to exceed 100 MW by the end of this year, with a target of operational power capacity of 400 MW by 2026. Bradford mentioned in the press release:
According to previous reports from The Block, CleanSpark announced June 18th that it would acquire five Bitcoin mining facilities located in Georgia for $25.8 millionSource:
Related reports: “JPMorgan: US-listed Bitcoin miners reached record market value of $22.8 billion in June “JPMorgan: Bitcoin miners with favorable power contracts are potential acquisition targets”, “Bernstein: Multiple mining companies optimistic about post-halving prospects, expecting merger and acquisition activities.”
