Cleanspark Acquires Griid Worth IDR 2.5 Trillion To Improve BTC Mining Operations

JAKARTA - Cleanspark, a leading Bitcoin mining company in the United States, announced the acquisition of its rival company, Griid. This strategic transaction is worth IDR 2.5 trillion (equivalent to 155 million US Dollars) and is carried out in full share form. The main goal is to increase the mining capacity of Cleanspark, especially after the fourth Bitcoin halving event which increases pressure on mining profitability.

This acquisition, first reported by theminermag.com, includes taking over debt and bringing additional hosting capacity of 20 megawatts (MW) to Cleanspark as soon as transactions close. Quoted from Bitcoin.com News, CEO of Cleanspark, Zack Bradford, stated that the merger will significantly increase their operational capacity. Bradford estimates that Cleanspark will surpass 100 MW in Tennessee by the end of this year, with plans to reach 200 megawatts by 2025 and more than 400 megawatts by 2026.

The move is part of a series of consolidation in the Bitcoin mining industry, where companies are trying to take advantage of the scale to maintain competitiveness and profitability. The merger also comes after a fluctuating week for Griid, where their share prices fluctuate drastically. On Thursday, the mining publication reported that the stock exchange stopped trading Griid's stock, GRDI.

GRDI dropped 50% from 2.34 US Dollars (around Rp38,364) to 1.17 US Dollars (around Rp19,182) after trading resumed, reports a Telegram channel for mining news outlets at 10:04 am EDT time Thursday.

Impact On Bitcoin Mining Industry

This acquisition is expected to have a significant impact on the Bitcoin mining industry. With the additional hosting capacity of Griid, Cleanspark is expected to increase operational efficiency and reduce production costs. This is very important given the fourth Bitcoin halving that has occurred, which traditionally reduces the number of Bitcoins that miners get per block.

This consolidation also shows an increasing trend in the mining industry, where large companies take over smaller players to strengthen their position in increasingly competitive markets. This strategic move aims not only to increase operational scale but also to ensure long-term sustainability in facing market challenges.