CleanSpark (Nasdaq: CLSK) describes itself as “America’s Bitcoin Miner”. CleanSpark owns and operates data centers that primarily run on low-carbon power infrastructure to support Bitcoin.
CleanSpark has announced an agreement to acquire GRIID infrastructure based on an enterprise value of $155 million and expansion plans of over 400MW in Tennessee. GRIID is described as a purpose-built bitcoin mining company, founded in 2018, that has operated mining facilities since 2019.
“We are looking forward to welcoming the GRIID team into the CleanSpark family and we are excited to apply the CleanSpark way, carefully honed alongside the communities we operate in Georgia and Mississippi, to GRIID’s impressive pipeline in Tennessee,” said Zach Bradford, CleanSpark’s CEO. “This acquisition would give us a clear and steady path over the next three years to accomplish in Tennessee what we proudly achieved in Georgia over the past three years. That achievement was to build out over 400 MW of infrastructure backed by valuable, long-term power contracts.”
“As we look at how the rest of this year is expected to unfold,” Bradford continued, “after closing we expect to focus in on the best opportunities in the GRIID pipeline. We anticipate that this will allow us to exceed 100 megawatts in Tennessee by the end of this calendar year and eventually grow that to 200 megawatts in 2025 before exceeding 400 megawatts in 2026. At every step of the way we will continue to work together with local communities as we build infrastructure capable of powering as much as one gigawatt of data center operations in Tennessee.”
“I am incredibly excited for the opportunity for GRIID to join the CleanSpark team. Together, we will achieve rapid growth in the Tennessee Valley” said Trey Kelly, GRIID’s CEO. “I am so proud of the business and team we have built at GRIID, so joining a company with a shared vision and values, like CleanSpark, makes for an ideal business combination.
“I have long admired CleanSpark’s track record of disciplined execution and I am looking forward to bringing that to our tremendous Tennessee power pipeline” said Harry Sudock, GRIID’s CSO. “Growing our portfolio of data centers in this attractive region positions us to continue strengthening the resilience of the power grid while delivering CleanSpark’s leading mining capabilities.”
