Bitcoin mining bigwig CleanSpark just dropped a bombshell, announcing its merger with Griid Infrastructure.
This $155 million move sees CleanSpark snatching up all of Griid’s common shares. What’s the kicker? CleanSpark is set to score a juicy 20 megawatts (MW) of Griid’s current power stash, which is set to turbocharge CleanSpark’s mining ops. The company’s brass is betting this could crank up their power capacity by over 400 MW in the next couple of years.
CleanSpark’s head honcho, CEO Zach Bradford, laid out the game plan, pointing out how Griid’s energy setup in Tennessee fits like a glove with CleanSpark’s existing hubs in Georgia and Mississippi. “This acquisition puts us on a smooth, steady track for the next three years,” Bradford said, oozing confidence about the merger’s long-term perks.
Down in Georgia, CleanSpark’s already flexing with over 400 MW of power capacity, thanks to some rock-solid, long-term power deals. They’re also running power infrastructure in Mississippi and co-locating mining rigs up in New York. And just to keep things spicy, CleanSpark’s breaking ground on new mining digs in Wyoming.
But it wasn’t all roses and sunshine. Right after the big reveal, Griid Infrastructure’s stock took a nosedive, plummeting 49% to $1.20 per share. Ouch. Still, in a wild twist, Griid’s shares have actually surged 55% over the last month, signaling some serious optimism about what’s ahead. CleanSpark’s stock didn’t throw any parties either, inching up just 0.44% to trade at $16.15 per share.
