US-listed cryptocurrency mining company CleanSpark has reached an agreement to acquire bitcoin mining company GRIID Infrastructure. After the completion of the transaction, CleanSpark plans to increase its power capacity by over 400 MW in the state of Tennessee within the next two years.
According to a press release, CleanSpark will acquire all the issued and outstanding shares of GRIID at a total value of $155 million. The two companies have also signed an exclusive hosting agreement for the currently available power, with 20 MW immediately allocated to CleanSpark.
CleanSpark CEO Zach Bradford stated that the company’s operations in Tennessee are expected to exceed 100 MW by the end of this year, with a goal of reaching 400 MW of operational power by 2026. Bradford mentioned in the press release:
According to a previous report by “The Block,” CleanSpark announced on June 18th the acquisition of five bitcoin mining facilities in Georgia for a price of $25.8 million.
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Related reports: “JPMorgan: US-listed bitcoin mining companies reach record market value of $22.8 billion in June,” “JPMorgan: Bitcoin mining companies with favorable power contracts are potential acquisition targets,” “Bernstein: Multiple mining companies optimistic about post-halving prospects, expecting merger and acquisition activities.”
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