CleanSpark, a Bitcoin (BTC) miner, recently revealed a merger with GRIID Infrastructure worth $155 million. The acquisition involved all of GRIID's common stock in an all-stock transaction, with CleanSpark also taking on GRIID's debts. Additionally, a hosting agreement was established, granting CleanSpark 20 megawatts of power. Furthermore, CleanSpark provided a $5 million working capital loan and $50.9 million to settle immediate obligations for GRIID. This merger is projected to increase CleanSpark's power capacity by over 400 MW in the coming years. CEO Zach Bradford expressed plans to surpass 100 megawatts in Tennessee by the end of the year, aiming for 200 MW in 2025 and exceeding 400 MW in 2026. The company's stock, CLSK, saw a 2.2% increase to $16.44 on June 27, with a year-to-date gain of over 50%. GRIID, based in Cincinnati, Ohio, operated mining facilities in Tennessee and New York, with plans to expand its capacity in the Tennessee Valley. CleanSpark has been actively expanding its operations, recently acquiring five mining facilities in Georgia to add 60 MW of power. The company also disclosed plans to raise capital through stock sales. Read more AI-generated news on: https://app.chaingpt.org/news