US-listed cryptocurrency mining company CleanSpark has reached an agreement to acquire bitcoin mining company GRIID Infrastructure. After the completion of the transaction, CleanSpark plans to increase its power capacity by over 400 MW in the state of Tennessee within the next two years.
According to a press release, CleanSpark will acquire all issued and outstanding shares of GRIID at a total value of $155 million. The two parties have also signed an exclusive hosting agreement for the currently available power, with 20 MW immediately allocated to CleanSpark.
CleanSpark CEO Zach Bradford stated that the company’s operations in Tennessee are expected to exceed 100 MW by the end of this year, with a goal of achieving 400 MW of operational power by 2026. Bradford stated in the press release:
According to a previous report by The Block, CleanSpark announced on June 18th the acquisition of five bitcoin mining facilities in Georgia for a price of $25.8 million.
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