Bitcoin

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<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/cleanspark-merges-with-griid" data-wpel-link="internal" rel="noopener noreferrer nofollow">CleanSpark Merges with GRIID</a><br></p>
<p style="text-align: justify"><a href="https://en.bitcoinhaber.net/analyst-peter-brandt-questions-bitcoins-all-time-high-claims" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> mining firm CleanSpark has announced a significant merger with GRIID Infrastructure, involving a $155 million all-stock transaction. The agreement, revealed on June 27, includes CleanSpark acquiring all issued and outstanding common shares of GRIID. Additionally, CleanSpark will take on GRIID’s debts and secure a special hosting agreement to allocate 20 megawatts of power to its operations.</p>
<h2 id="notable-move-by-bitcoin-miner">Notable Move by Bitcoin Miner</h2>
<p style="text-align: justify">As part of the merger, CleanSpark has provided GRIID with a $5 million working capital loan and $50.9 million for urgent liabilities. This strategic decision is anticipated to enhance CleanSpark’s power capacity by over 400 megawatts in the forthcoming years. CleanSpark CEO Zach Bradford expressed optimism, projecting the company will surpass 100 megawatts in Tennessee by the end of the year and reach 200 megawatts by 2025, eventually exceeding 400 megawatts in 2026.</p>
<p style="text-align: justify">CleanSpark’s stock, trading under the ticker CLSK, experienced a 2.2% increase to $16.44 on June 27, marking over 50% gains year-to-date. As of February 2024, GRIID operated mining facilities in East Tennessee and New York, with a total mining capacity of 68 megawatts. Plans to expand this capacity in the Tennessee Valley to approximately 150 megawatts were also announced earlier this year.</p>
<h2 id="what-s-happening-in-the-mining-sector">What’s Happening in the Mining Sector?</h2>
<p style="text-align: justify">There has been significant activity in the Bitcoin mining sector recently. Marathon Digital, for instance, acquired two operational mining sites from Generate Capital in December, effectively doubling its hash rate within two years. Early this month, CleanSpark announced the acquisition of five mining facilities in Georgia, adding 60 megawatts of power to its operations. In March, the company filed to sell up to $800 million in shares to raise additional capital.</p>
<h2 id="key-takeaways">Key Takeaways</h2>
<ul>
 <li>CleanSpark’s acquisition of GRIID involves a $155 million all-stock transaction.</li>
 <li>The merger is expected to add over 400 megawatts of power to CleanSpark’s operations within the next few years.</li>
 <li>CleanSpark provided GRIID with a $5 million working capital loan and $50.9 million for urgent liabilities.</li>
 <li>CleanSpark’s stock saw a 2.2% increase following the merger announcement, with year-to-date gains exceeding 50%.</li>
 <li>Marathon Digital and CleanSpark have made significant acquisitions to expand their mining capacities.</li>
</ul>
<p style="text-align: justify">The merger between CleanSpark and GRIID represents a substantial move in the Bitcoin mining industry, with both <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">companies</a> poised for growth in power capacity and operational efficiency. This development underscores the dynamic and rapidly evolving nature of the cryptocurrency mining sector.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/cleanspark-merges-with-griid" data-wpel-link="internal" rel="noopener noreferrer nofollow">CleanSpark Merges with GRIID</a></h5>

CleanSpark Merges with GRIID

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