{"id":332659,"date":"2024-06-27T22:03:15","date_gmt":"2024-06-27T16:33:15","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=332659"},"modified":"2024-06-27T22:03:15","modified_gmt":"2024-06-27T16:33:15","slug":"bitcoin-miner-cleanspark-to-acquire-griid-for-155m-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/bitcoin-miner-cleanspark-to-acquire-griid-for-155m-crypto-news\/","title":{"rendered":"Bitcoin Miner CleanSpark to Acquire GRIID for $155M – Crypto News"},"content":{"rendered":"

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Bitcoin mining company CleanSpark has announced a definitive merger agreement to acquire GRIID Infrastructure Inc. (Nasdaq: GRDI, in an all-stock deal worth $155 million. <\/span><\/p>\n

Projected to be completed in the third quarter of the year 2024, this acquisition comes at the backdrop of the company\u2019s strategic expansion in the Bitcoin mining<\/a> business, for instance, the procurement of Bitmain S21 miners besides five turnkey mining sites<\/span><\/p>\n

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Bitcoin Mining Company CleanSpark to Acquire GRIID<\/h2>\n

As part of the agreement, CleanSpark<\/a> will take over all the issued and outstanding common stock of GRIID, thus incorporating GRIID\u2019s present debt and asset profile into CleanSpark\u2019s. This comprises a key hosting agreement that enables CleanSpark to get an instant control of 20 MW of power. <\/span>Under the deal\u2019s financial arrangement, CleanSpark will issue its common stock to the GRIID stockholders depending on the exchange ratio that was set before the prevailing market conditions.<\/span><\/p>\n

CleanSpark\u2019s CEO, Zach Bradford, was positive about the strategic aspects of the merger, noting that the acquisition will help CleanSpark achieve its growth plans while GRIID has operational assets.<\/span><\/p>\n

Bradford added, <\/span><\/p>\n

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\u201cThis integration does not only serve to expand the operational reach of the company but it also amplifies our advocacy on the importance of environment friendly mining.\u201d <\/span><\/p>\n<\/blockquote>\n

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In addition to supporting the integration, CleanSpark has provided<\/a> a $5 million working capital loan and a $50. 9 million bridge loan to GRIID.<\/span><\/p>\n

Enhancing Mining Capabilities with Bitmain S21 Miners<\/strong><\/h2>\n

CleanSpark has recently announced that it has entered into a deal to buy up to 160,000 Bitmain S21 miners<\/a> to support its growth plan effectively. This major upgrade is anticipated to increase CleanSpark\u2019s hashrate in the business of cryptocurrency mining to make it more competitive. The acquisition of the 60,000 units initially will add an estimated 12 EH\/s to its hashing power with possibilities of buying more before the end of the year.<\/span><\/p>\n

Parallel to the GRIID acquisition, CleanSpark has also signed deals to purchase five turnkey sites in Georgia. These sites with a capacity of 8MW \u2013 15MW in total, 60MW is a part of the company\u2019s strategy to achieve an operational hashrate of more than 20 EH\/s in the middle of this year. The addition of these sites enhances CleanSpark\u2019s mining activities and helps maintain grid reliability and community relations.<\/span><\/p>\n

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Additionally, the company has ambitious plans in Tennessee, aiming to exceed 100 megawatts of capacity by the end of this year, reach 200 megawatts by 2025, and surpass 400 megawatts by 2026.\u00a0<\/span><\/p>\n

Read Also:<\/strong> Bitcoin Miner CleanSpark To Acquire 5 Mining Sites Despite Ongoing Capitulation<\/a><\/p>\n

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\u2713 Share:<\/p>\n

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Kelvin is a distinguished writer specializing in crypto and finance, backed by a Bachelor’s in Actuarial Science. Recognized for incisive analysis and insightful content, he has an adept command of English and excels at thorough research and timely delivery. <\/p>\n<\/p><\/div>\n

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n

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–><\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

Bitcoin mining company CleanSpark has announced a definitive merger agreement to acquire GRIID Infrastructure Inc. (Nasdaq: GRDI, in an all-stock deal worth $155 million. Projected to be completed in the third quarter of the year 2024, this acquisition comes at the backdrop of the company\u2019s strategic expansion in the Bitcoin mining business, for instance, the […]<\/p>\n","protected":false},"author":2,"featured_media":305245,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[192,29,198,194,195,199,196,193,197,200],"class_list":["post-332659","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-blockchain-business","tag-business","tag-coins","tag-crypto-business","tag-cryptocurrency-business","tag-fiat","tag-metaverse-business","tag-nft-business","tag-token","tag-token-business"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/332659","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=332659"}],"version-history":[{"count":3,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/332659\/revisions"}],"predecessor-version":[{"id":332664,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/332659\/revisions\/332664"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/305245"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=332659"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=332659"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=332659"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}