CleanSpark announced that it completed its acquisition of GRIID Infrastructure on October 31. This expansion will add 400 MW of mining capacity.
Bitcoin miner CleanSpark has finally completed the acquisition of its counterpart, GRIID Infrastructure, and is now preparing to expand its mining capacity to 400 megawatts. The acquisition was announced back in June, with the process unfolding over the months to finally come to fruition on October 31.
“I’m pleased to announce the completion of our acquisition of GRIID Infrastructure Inc., a strategic move that allows us to grow our Bitcoin mining capacity in the state of Tennessee, which we intend to build to over 400 MW in the coming years,” mentioned CleanSpark CEO Zach Bradford. “Moreover, this adds significant geographic and power supply diversity through expansion in the Tennessee Valley Authority (TVA) service territory, providing us with additional operational flexibility.”
Bradford also mentioned getting acquainted with GRIID’s team in the past few months since the acquisition process began and that he was looking forward to “smoothly integrating” it into CleanSpark’s workforce. GRIID has hosted 50 MW of mining capacity for its counterpart thus far. “The fit couldn’t be better, and we are collectively ready to hit the ground running with GRIID’s existing capacity, new development in TVA, and additional talent supporting our previously acquired sites in the state,” he added.
CleanSpark Is Expected to Grow Tremendously After the GRIID Purchase
US Senator for Tennessee Bill Haggerty said he was “proud” to have CleanSpark make its entry into the state. He also mentioned that the state was an ideal place to grow a business, especially a bitcoin mining operation, due to its affordable power costs.
GRIID’s former CEO Trey Kelly said that the acquisition is a “great outcome” and that he sees “tremendous upside” in the following years. “CleanSpark has already begun demonstrating their ability to accelerate and maximize the value of GRIID’s power pipeline,” Kelly stated.
With the announcement of the inked deal in June, the $155 million merger was an all-stock one, with each GRIID stock converted to 0.06959 a share of CleanSpark of common stock. CleanSpark, one of the biggest US miners in the US, boasts at least 15 mining sites in the country, with seven recently acquired in Knoxville, Tennessee. It also purchased five in Georgia and three in Mississippi. The miner also posted a 187% increase in its hashrate in the past year, according to a fiscal year report released on October 4.
