The post CleanSpark Merges with Griid Infrastructure in $155M Deal Amid Bitcoin Halving Concerns appeared on BitcoinEthereumNews.com.

CleanSpark, a sustainability-driven Bitcoin mining company, announced on Thursday its intent to merge with Griid Infrastructure, acquiring all of its common shares for $155 million. The value of Griid Infrastructure’s shares plummeted by 49% post-announcement, dipping to $1.20 per share. Despite this, the company’s shares have seen a 55% increase over the last month. According to CleanSpark, 20 megawatts (MW) of Griid’s existing power will soon be incorporated, with expectations to boost CleanSpark’s power capacity by over 400 MW within the next two years. CleanSpark announces strategic merger with Griid Infrastructure to expand power capacity and solidify its market position. CleanSpark to Merge with Griid Infrastructure in a $155 Million Deal CleanSpark, renowned for its focus on sustainable Bitcoin mining, has revealed plans to merge with Griid Infrastructure. The acquisition, valued at $155 million, will see CleanSpark take ownership of all Griid’s common shares. This merger aims to leverage Griid’s energy assets, particularly its substantial infrastructure projects in Tennessee, to bolster CleanSpark’s operational capacity. Immediate Market Reactions and Future Projections Following the announcement, Griid Infrastructure’s stock price took a significant hit, dropping 49% to $1.20. However, it is worth noting that the company’s stock has surged by 55% over the past month. CleanSpark’s CEO, Zach Bradford, emphasized that this merger marks a major milestone, with Griid’s power assets in Tennessee complementing CleanSpark’s existing infrastructure in Georgia and Mississippi. Strategic Expansion of CleanSpark’s Power Capacity CleanSpark projects that the integration of Griid’s 20 MW of current power could eventually enhance CleanSpark’s power capacity by over 400 MW in the next two years. Bradford highlighted that their expansion strategy involves tapping into long-term power contracts, particularly in Georgia. Financial Mechanics of the Deal TRUSTED BY COINOTAG,Did you missed $MEME, $PEPE or Bitcoin? No worries! Click here to sign up chosen altcoin exchange!…

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Filed under: News - @ June 27, 2024 5:28 pm