US-listed cryptocurrency mining company CleanSpark has reached an agreement to acquire Bitcoin mining company GRIID Infrastructure. Upon completion of the transaction, Cleanspark expects to add more than 400 MW of power in Tennessee, US, over the next two years.
CleanSpark will acquire all of GRIID's issued and outstanding shares for a total value of $155 million, and the parties have entered into an exclusive custody agreement for all currently available power, 20 MW of which will be immediately allocated to CleanSpark, according to a press release.
CleanSpark CEO Zach Bradford said the company's Tennessee operations are expected to exceed 100 MW by the end of this year, with a goal of reaching 400 MW of operating power by 2026. Bradford said in a press release:
"This acquisition will provide us with a clear and stable path over the next three years in Tennessee to build on the impressive results we have achieved over the past three years in Georgia, which is the construction of more than 400 MW supported by valuable long-term power contracts. infrastructure."
CleanSpark announced on June 18 that it had acquired five Georgia-based Bitcoin mining farms for $25.8 million, according to previous reporting by The Block.
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