Originally published on: November 01, 2024
CleanSpark is on track to achieve its goal of developing 400 megawatts of capacity in the near future after finalizing the acquisition of GRIID, a US-based infrastructure company. This strategic move marks a significant step for the Bitcoin mining firm, positioning it to expand its operations in Tennessee.
CEO Zach Bradford expressed his excitement about the completed acquisition of GRIID Infrastructure, emphasizing the potential for CleanSpark to enhance its Bitcoin mining capacity. The company plans to build over 400MW of capacity in the coming years, leveraging the geographical and power supply diversity offered by the Tennessee Valley Authority service territory.
Bradford highlighted the benefits of the acquisition, stating, “This adds significant geographic and power supply diversity through expansion in the Tennessee Valley Authority service territory, providing us with additional operational flexibility.” The integration of GRIID’s team into CleanSpark’s operations is another key development that Bradford looks forward to.
Trey Kelly, the former CEO of GRIID, shared his optimism about the combined company’s future, foreseeing “tremendous upside” in the years to come. US Senator Bill Hagerty welcomed CleanSpark to Tennessee, recognizing the state as a conducive environment for business growth, particularly in the Bitcoin industry.
The $155 million all-stock merger agreement between CleanSpark and GRIID, announced in June, paved the way for the successful acquisition. Under the terms of the agreement, each share of GRIID common stock was converted into CleanSpark common stock.
CleanSpark has been actively expanding its mining capabilities, with recent acquisitions of mining facilities in Georgia and Tennessee. The company’s hashrate has seen a notable increase, with a 187% growth over the past 12 months. Despite a temporary dip in CleanSpark’s shares following the merger announcement, the company remains positioned for substantial growth in the evolving crypto market landscape.
