In a bold move to expand its operations, **Cleanspark**, a prominent player in the U.S. bitcoin mining sector, has declared the purchase of its competitor **Griid** for a sum of **$155 million**. This pivotal all-stock deal is designed to bolster Cleanspark’s mining capabilities, especially following the Bitcoin network’s fourth halving event, which has intensified the challenges of mining profitability.
**Cleanspark Secures Griid in a Calculated Expansion Strategy**
The acquisition, initially covered by theminermag.com, includes taking on debt and immediately adds **20 megawatts (MW)** of extra hosting capacity to Cleanspark’s resources upon completion.
Zack Bradford, the CEO of **Cleanspark**, has expressed that this union is set to significantly enhance their operational capacity. Bradford is optimistic about exceeding **100 MW** in Tennessee before the year’s end, with ambitions to hit **200 megawatts by 2025** and surpass **400 megawatts by 2026**.
This transaction marks the continuation of a trend of mergers within the bitcoin mining industry, as firms strive to capitalize on economies of scale to stay competitive and profitable. The merger comes on the heels of a volatile period for Griid, marked by erratic stock price movements. It was also reported that trading of Griid’s shares, **GRDI**, was temporarily suspended on stock exchanges.
The mining news outlet’s Telegram channel announced, “Shares of **GRDI** plummet by 50%, dropping from **$2.34 to $1.17** post-trading resumption,” at **10:04 a.m. EDT** on Thursday.
We invite you to weigh in on Cleanspark’s acquisition of Griid. Your insights and perspectives are welcome in the comments section below.
