Bitcoin miner CleanSpark announced its plan to acquire Griid Infrastructure in a $155 million deal, merging the two companies. As part of the agreement, CleanSpark will acquire all of Griid’s common shares and gain access to 20 megawatts (MW) of Griid’s current power capacity. This acquisition is expected to significantly boost CleanSpark’s operational capacity, with an estimated increase of over 400 MW within the next two years.

CleanSpark CEO Zach Bradford emphasized the strategic benefits of the merger, noting that Griid’s energy infrastructure in Tennessee complements CleanSpark’s existing operations in Georgia and Mississippi. This acquisition is anticipated to provide a clear and steady growth path over the next three years.

In Georgia, CleanSpark has already developed over 400 MW of power capacity, supported by valuable long-term power contracts. Additionally, the company operates power infrastructure in Mississippi and co-locates mining machines in New York. CleanSpark is also expanding its footprint with the development of new mining facilities in Wyoming.

Following the merger announcement, Griid Infrastructure’s stock price dropped sharply by 49% to $1.20 per share. Despite this decline, Griid’s shares have rallied 55% over the past month, indicating investor optimism about the company’s future prospects. CleanSpark’s stock remained relatively stable, with a slight increase of 0.44%, trading at $16.15 per share.

This acquisition is poised to enhance CleanSpark’s capacity and geographic reach, positioning it for significant growth in the coming years.