Two Bitcoin Miners Are Merging: Huge Deal Worth $155 Million

Cryptocurrency mining company CleanSpark has agreed to acquire Bitcoin mining company GRIID Infrastructure.

According to the statement made by CleanSpark, the company will purchase all shares issued and in circulation by GRIID for $155 million. CleanSpar will also obtain an additional production capacity of 20 MW within the scope of the agreement.

CleanSpark CEO Zach Bradford announced that the company's Tennessee operations aim to exceed 100 MW by the end of the year and reach 400 MW operational power by 2026.



“This acquisition will provide us with a clear and stable path to achieve in Tennessee over the next three years what we have proudly accomplished in Georgia over the past three years,” Bradford said in a statement.

“This achievement was to build more than 400 MW of infrastructure supported by valuable, long-term power agreements,” Bradford added.

Will pay off GRIID's debts

Upon completion of the deal, GRIID shareholders will receive CleanSpark stock.

CleanSpark will also assume GRIID's existing debt and other obligations, as well as provide $5 million in working capital and a $50.9 million bridge loan "to be used at signing" to cover certain of GRIID's obligations.

CleanSpark purchased five Bitcoin mining facilities in Georgia for $25.8 million on June 18.