CleanSpark (CLSK), a major Bitcoin mining company, has announced the acquisition of competitor GRIID Infrastructure in an all-stock deal worth $155 million. The deal instantly provides CleanSpark with an additional 20 megawatts (MW) of power for its mining operations, with a further 400 MW expected to be added in Tennessee over the next two years. The agreement required CleanSpark to assume all GRIID's debts and obligations, provide a $5 million working capital loan, and pay down a $50.9 million bridge loan. Following the announcement, GRIID's shares dropped by over 50%, while CLSK's shares rose by 4%.

In other news, Riot Platforms (RIOT) has been attempting a hostile takeover of Bitfarms (BITF), offering to buy out the firm at $2.30 per share. Meanwhile, Core Scientific (CORZ), a former leading mining firm that recently emerged from bankruptcy, is considering a potential $1 billion buyout offer from cloud computing firm CoreWeave.