🚀🚀 Bitcoin mining firm CleanSpark (CLSK) has acquired competitor GRIID Infrastructure in a $155 million all-stock deal, adding an immediate 20 megawatts (MW) of power to its operations. Another 400 MW is expected to be added in Tennessee over the next two years. 🎉🎉

The deal required CleanSpark to assume all of GRIID's debts and obligations, provide a $5 million working capital loan, and pay down a $50.9 million bridge loan. CleanSpark CEO Zach Bradford said the acquisition provides a "clear and steady path" to replicate their success in Georgia, where they built out over 400 MW of infrastructure backed by long-term power contracts. 🌟🌟

Following the announcement, GRIID shares dropped over 50%, while CLSK shares rose 4%, suggesting traders viewed the merger as a fire sale. CleanSpark's shares closed at $16.05 each, implying a market cap of $3.6 billion. The company has been a standout performer in mining stocks this year, up 47% and defying the trend of sinking stocks in the industry. 📈📈

In other mining news, Riot Platforms (RIOT) is attempting a hostile takeover of Bitfarms (BITF), and Core Scientific (CORZ) is considering a $1 billion buyout offer from CoreWeave. 🏦🏦

Stay tuned for more exciting Bitcoin news! 🚀🚀🚀