CleanSpark Closes in on 400MW Bitcoin Mining Capacity Goal with GRIID Acquisition

Bitcoin mining company CleanSpark plans to build 400 megawatts of power within the next few years after acquiring US-based infrastructure company Grid.
On the 31st (local time), CleanSpark CEO Zach Bradford said,
"We are pleased to complete our acquisition of GRIID, subject to shareholder approval," Bradford said in a statement. "This is a strategic step forward in expanding our bitcoin mining capacity in Tennessee."
"This acquisition will contribute to the construction of over 400 megawatts of capacity in the Tennessee Valley," the company said in a statement.
"Expanding our footprint across GRIID Authority service territories will significantly increase our geographic and power supply diversity, enhancing our operational flexibility," he said.
"We look forward to integrating with the team and have been deeply engaged with GRIID employees over the past three months in preparation for the acquisition."
Under the $155 million all-stock acquisition agreement announced in June, each GRIID common share will be worth approximately 0.
The shares were converted into 06,959 CleanSpark common shares.