Bitcoin mining company CleanSpark announced a new deal for $155 million

Bitcoin miner CleanSpark has announced plans to merge with Grid Infrastructure, acquiring all of the company's common stock in a deal valued at $155 million.

As part of this merger, CleanSpark will gain access to 20 megawatts (MW) of Grid's available capacity, significantly increasing its operational capacity. The company predicts that this acquisition could increase its capacity by over 400 MW over the next two years.

CleanSpark CEO Zach Bradford emphasized strategic benefits of the acquisition, noting that Grid's energy infrastructure in Tennessee complements CleanSpark's existing operations in Georgia and Mississippi.

In Georgia, CleanSpark has developed over 400 MW of power capacity through long-term power supply contracts.
The company is also expanding its reach by developing new facilities in Wyoming.

After the merger was announced, Grid Infrastructure's share price plummeted, down 49% to $1.20 a share. Despite this decline, however, the stock has rallied 55% in the past month, indicating optimism about its future prospects. Shares of CleanSpark were little changed after the deal was announced, rising a slight 0.44% to trade at $16.15 a share.