Welcome to our dedicated page for GRIID Infrastructure news (Ticker: GRDI), a resource for investors and traders seeking the latest updates and insights on GRIID Infrastructure stock.
GRIID Infrastructure Inc. (symbol: GRDI) is a leading, vertically integrated Bitcoin mining company, headquartered in Cincinnati, Ohio. Founded in 2018, GRIID has been operational since 2019, focusing on sustainable and efficient cryptocurrency mining. The company has carved a niche by leveraging low-cost, low-carbon energy sources to power its mining operations, which exclusively mine Bitcoin.
GRIID owns and operates a growing portfolio of energy infrastructure and high-density data centers across North America. Their facilities are strategically located in places like Watertown, New York and various locations in Tennessee, including Limestone, Maynardville, and Lenoir City. Additionally, GRIID has an R&D center in Austin, Texas, and a development and repair center in Rutledge, Tennessee.
Recently, GRIID achieved a significant milestone by getting listed on the Nasdaq Global Market. This move, as stated by CEO Trey Kelly, is aimed at enhancing the company's visibility, liquidity, and investor base. GRIID's vertically integrated self-mining business model positions it for substantial growth opportunities.
The company's commitment to environmentally responsible operations is underscored by its partnerships with local utility providers like the Tennessee Valley Authority (TVA). These partnerships ensure access to affordable and reliable low-carbon electricity, fostering GRIID's sustainable growth.
GRIID's expansion efforts are well-received by local communities and officials. For instance, the Mayor of Jackson, Tennessee, Scott Conger, and the CEO of the Jackson Energy Authority, Monte Cooper, have praised GRIID for contributing positively to the local economy and energy utilization without imposing additional costs on ratepayers.
With its ongoing projects and planned facilities, GRIID aims to double its current mining capacity, underscoring its commitment to growth and sustainability in the Bitcoin mining sector. For more information, visit www.griid.com.
CleanSpark (CLSK) has completed its acquisition of GRIID Infrastructure following shareholder approval on October 28, 2024. The merger, which converts each GRIID share into approximately 0.06959 CLSK shares, positions CleanSpark to expand its Bitcoin mining capacity in Tennessee to over 400 MW. The strategic acquisition enhances geographic and power supply diversity through the Tennessee Valley Authority (TVA) service territory. GRIID's common stock and public warrants will be delisted from Nasdaq and Cboe Canada by October 31, 2024.
CleanSpark, a prominent Bitcoin miner, announced its June 2024 operational updates. The company mined 445 bitcoins, raising its total to 3,614 for 2024. Its hashrate exceeded the mid-year target, reaching over 20 EH/s, doubling since December. This achievement followed the acquisition of five mining sites in Georgia, adding 60 MW of infrastructure. The new sites include unique power purchase agreements, aiding utility providers. CleanSpark sold 8.06 bitcoins in June at an average price of $67,514 per bitcoin. The company also completed phases of its Dalton expansion, expected to reach 2.4 EH/s by September 2024.
CleanSpark and GRIID Infrastructure announced a definitive merger agreement, where CleanSpark will acquire GRIID for an enterprise value of $155 million. This all-stock transaction will involve CleanSpark assuming GRIID's outstanding debt and providing a $5 million working capital loan, along with a $50.9 million bridge loan.
The acquisition is expected to expand CleanSpark’s infrastructure by over 400 MW in Tennessee over the next two years, bringing its total capacity to over 1 GW. The merger, subject to GRIID shareholder approval and other closing conditions, is anticipated to close in Q3 2024. Additionally, an exclusive hosting agreement will allocate 20 MW of power to CleanSpark immediately.
GRIID operates bitcoin mining data centers in Tennessee and maintains facilities in New York, Ohio, and Texas. The transaction aims to leverage CleanSpark's capabilities to enhance GRIID's data center portfolio and power grid resilience.
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