Cryptocurrency mining company CleanSpark has announced a definitive agreement to acquire GRIID Infrastructure Inc. in an all-stock deal worth $155 million. This strategic move aims to boost CleanSpark's bitcoin mining operations and sustainable practices.

The acquisition includes GRIID's existing assets, such as a 20 MW power hosting deal, which will provide CleanSpark with immediate control over additional mining capacity. Additionally, CleanSpark has provided GRIID with a $5 million working capital loan and a $50.9 million bridge loan to support the integration.

Alongside the GRIID acquisition, CleanSpark has also made significant investments to enhance its mining capabilities. The company has entered into a deal to purchase up to 160,000 Bitmain S21 miners, which are expected to increase its hashrate and competitiveness in the cryptocurrency mining industry. Furthermore, CleanSpark has signed agreements to acquire five turnkey mining sites in Georgia, with a total capacity of 60 MW, as part of its strategy to achieve an operational hashrate of over 20 EH/s by mid-2024.

CleanSpark's CEO, Zach Bradford, expressed enthusiasm about the strategic aspects of the merger, stating that the acquisition will not only expand the company's operational reach but also amplify its commitment to environmentally friendly mining practices. The company has ambitious plans to exceed 100 MW of capacity in Tennessee by the end of this year, reach 200 MW by 2025, and surpass 400 MW by 2026, further solidifying its position in the rapidly evolving cryptocurrency mining landscape.