We’ve announced an agreement to acquire GRIID based on an enterprise value of $155 million and expansion plans of over 400 MW in Tennessee. CleanSpark expects to add over 400 MW in the state over the next two years. Under the definitive merger agreement, we will purchase all issued and outstanding common stock of GRIID in an all-stock transaction, and GRIID stockholders will receive shares of CleanSpark common stock. The total enterprise value includes payment and assumption of debt. Concurrent with the agreement’s signing, the companies also entered into an exclusive hosting agreement for all currently available power, of which 20 MW will be allocated to CleanSpark effective immediately. Full news release: https://bit.ly/3VXsI7Y “After closing we expect to focus in on the best opportunities in the GRIID pipeline. We anticipate that this will allow us to exceed 100 megawatts in Tennessee by the end of this calendar year and eventually grow that to 200 megawatts in 2025 before exceeding 400 megawatts in 2026. At every step of the way we will continue to work together with local communities as we build infrastructure capable of powering as much as one gigawatt of data center operations in Tennessee,” said Zachary Bradford, CleanSpark CEO. “I am incredibly excited for the opportunity for GRIID to join the CleanSpark team. Together, we will achieve rapid growth in the Tennessee Valley,” said Trey Kelly, GRIID CEO. “I am so proud of the business and team we have built at GRIID, so joining a company with a shared vision and values, like CleanSpark, makes for an ideal business combination.” “I have long admired CleanSpark’s track record of disciplined execution and I am looking forward to bringing that to our tremendous Tennessee power pipeline,” said Harry Sudock, GRIID CSO. “Growing our portfolio of data centers in this attractive region positions us to continue strengthening the resilience of the power grid while delivering CleanSpark’s leading mining capabilities.” #bitcoin #blockchain #proofofwork
Wow, reaching 50 EH/s sooner than expected is impressive! Congratulations!
Congratulations Zachary, Gary and the entire CleanSpark team. See you in Nashville!
Big news. Congrats CleanSpark!
Amazing strides
Well Done
wow!!
Keep growing!
Wow!
Missouri Bitcoin Mining Advocate eComSolutions LLC A Hashrate Production Company
2moBig news! Sounds like a WIN-WIN FOR CleanSpark and Griid.