CleanSpark (CLSK) is one of the largest bitcoin mining firm in America. In an Efforts to renewable and sustainable Energy, The Firm owns and operates data centers that primarily run on low-carbon power. CleanSpark (CLSK) environmental concern in green energy has seen boosted the firm to become a top Bitcoin mining company helping to secure the blockchain network for a better tomorrow.
On Thursday 27th 2024, it announced that they had seal a deal to acquired one of its smaller competitors, GRIID Infrastructure in an all-stock deal. GRIID was founded in 2018 and listed on the Nasdaq late this year. The miner currently has mining facilities in Watertown, New York; Limestone, Maynardville and Lenoir City, Tennessee.
The enterprise value of $155 million is expected to incorporate approx. 20Megawatts of additional power to CleanSpark (CLSK) with an extra of 400 Megawatts of power is expected to be added in Tennessee over the next two years bolstering their mining operations. The deal has been signed and approved by both the boards and is expected to be closed by third quarter.
In a statement on Thursday, “This acquisition would give us a clear and steady path over the next three years to accomplish in Tennessee what we proudly achieved in Georgia over the past three years,” said CleanSpark’s CEO Zach Bradford. “That achievement was to build out over 400 MW of infrastructure backed by valuable, long-term power contracts.”
Take over Debt and Other Liabilities of GRIID
The Agreement between the two boards is seen assuming all debt and other liabilities of GRIID and provide a $5 million loan as a temporary bridge for repayment of $50.9 million.
