CleanSpark has announced its acquisition of GRIID Infrastructure, marking a strategic move to enhance its Bitcoin mining capacity in Tennessee. Following shareholder approval, CleanSpark CEO Zach Bradford highlighted the potential of building over 400 megawatts of mining capacity, which is expected to offer significant geographic and power supply diversity through expansion in the Tennessee Valley Authority service area. The merger, valued at $155 million, will integrate GRIID’s capabilities, with GRIID previously hosting 50 MW of mining capacity for CleanSpark. Former GRIID CEO Trey Kelly expressed optimism about the future of the combined company. Despite the merger, CleanSpark’s shares fell by 12% in after-hours trading, reflecting a broader decline in the cryptocurrency market. Additionally, in September, CleanSpark had increased its hashrate by 22% through the acquisition of several facilities in Knoxville, Tennessee, achieving a reported 187% increase in hashrate over the past year.

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