In a significant move within the Bitcoin mining sector, CleanSpark (CLSK) has struck a deal to acquire GRIID Infrastructure (GRDI) in an all-stock transaction valued at $155 million. This acquisition involves CleanSpark assuming all existing debts and obligations of GRIID, alongside providing a $5 million loan as a bridge to reduce GRIID’s debt by approximately $50.9 million, as announced on Thursday.

“This acquisition will chart a clear and progressive path for us over the next three years, allowing us to replicate in Tennessee the success we’ve had in Georgia,” stated CleanSpark CEO Zach Bradford. “Our achievement in Georgia was the establishment of over 400 MW of infrastructure, underpinned by valuable, long-term power contracts.”

This announcement emerges amid an intensifying landscape of mergers and acquisitions (M&A) in the Bitcoin mining industry, following a recent halving event that has further escalated competition. Notably, Riot Platforms (RIOT) and Bitfarms (BITF) are embroiled in a contentious takeover struggle, while Core Scientific (CORZ) is also a target for acquisition by a cloud computing firm.

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The CleanSpark-GRIID deal is projected to conclude in the third quarter, with CleanSpark aiming to surpass a 100 MW capacity in Tennessee by the end of the year, expanding to 200 MW in the following year, and exceeding 400 MW by 2026, according to their statement.

Additionally, the two companies have entered into a hosting agreement allocating 20 MW of power capacity to CleanSpark.

Founded in 2018, GRIID went public on the Nasdaq earlier this year after multiple delays caused by a severe crypto winter. GRIID operates mining facilities in Watertown, New York; Limestone, Maynardville, and Lenoir City, Tennessee.