As an analyst with a background in the Bitcoin mining industry, I’m excited about CleanSpark’s recent moves to expand its operations. The acquisition of GRIID Infrastructure is a strategic move that will provide CleanSpark with instant control over 20 MW of power and operational assets. This deal comes at an opportune time as CleanSpark has also announced the procurement of up to 160,000 Bitmain S21 miners and five turnkey mining sites.
As a crypto investor, I’m excited to share that Bitcoin mining company CleanSpark has made an official announcement about merging with GRIID Infrastructure Inc. (GRDI). This deal, valued at approximately $155 million in a all-stock transaction, is set to take place on Nasdaq.
This acquisition, projected to be finished in the third quarter of 2024, follows our company’s strategic growth plan in the Bitcoin mining sector. For example, we have recently purchased Bitmain S21 miners and secured contracts for five turnkey mining sites.
Bitcoin Mining Company CleanSpark to Acquire GRIID
In accordance with the terms of the arrangement, CleanSpark will assume ownership of all outstanding common shares issued by GRIID. This transfer includes inheriting both GRIID’s current debts and assets. Notably, this transaction grants CleanSpark immediate control over a hosting agreement for 20 MW of power. The financial aspect of the deal involves CleanSpark issuing its own common shares to GRIID stockholders based on a predetermined exchange ratio.
The CEO of CleanSpark, Zach Bradford, expressed optimism regarding the strategic implications of the merger. According to him, the acquisition of GRIID will be instrumental in helping CleanSpark realize its expansion goals as GRIID brings along operational assets to the table.
Bradford added,
As a researcher studying the business expansion of this company, I can share that integrating new operations is not just about increasing our geographical reach. It also allows us to strengthen our commitment to promoting eco-friendly mining practices.
CleanSpark has not only facilitated the integration but also extended a financing hand with a $5 million working capital loan and a $50.9 million bridge loan to GRIID.
Enhancing Mining Capabilities with Bitmain S21 Miners
CleanSpark has just revealed that they will be acquiring up to 160,000 Bitmain S21 miners in a new deal, boosting their cryptocurrency mining capabilities significantly. This significant expansion is projected to enhance CleanSpark’s hashpower, making it more formidable in the industry. The initial purchase of 60,000 units is expected to add approximately 12 exahashes per second (EH/s) to their hashing power, with potential for further acquisitions by year-end.
In conjunction with acquiring GRIID, our company has secured agreements to procure five turnkey mining sites in Georgia. These sites have a combined capacity of 8MW-15MW, bringing our total operational capacity closer to the targeted 60MW. Our ultimate goal is to reach an operational hashrate exceeding 20 EH/s by mid-year. The integration of these new sites strengthens CleanSpark’s mining operations and contributes positively to grid stability and community engagement.
The business intends to expand significantly in Tennessee. By the end of this year, they aim to produce over 100 megawatts of capacity. Their goal is to increase this to 200 megawatts by 2025, and ultimately surpass 400 megawatts by 2026.
Bitcoin Miner CleanSpark To Acquire 5 Mining Sites Despite Ongoing Capitulation
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2024-06-27 19:42