STOCK TITAN

GRIID Infrastructure Inc. - GRDI STOCK NEWS

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.

Rhea-AI Summary

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.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-12.02%
Tags
-
Rhea-AI Summary

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.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-5.52%
Tags
none
-
Rhea-AI Summary

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.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-47.86%
Tags
Rhea-AI Summary
GRIID Infrastructure Inc. (GRDI) plans to double its bitcoin mining capacity in Lenoir City, Tenn., from 20 MW to 40 MW by mid-2024, aiming to power 6,500 machines. The company's expansion aligns with the Tennessee Valley Authority's low-carbon electricity, fostering long-term growth. With positive feedback from local officials and plans for additional facilities, GRIID's commitment to growth in the region is evident.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
8.72%
Tags
none
-
Rhea-AI Summary
GRIID Infrastructure Inc. (GRDI) plans to develop and operate a 60 MW bitcoin mining site in Tennessee, expanding its presence in the state. The company's expansion is supported by the favorable business climate, low-carbon electricity, and the establishment of a substation by the local utility. The move is welcomed by local officials and is seen as a significant step in making Tennessee a center of innovation and business expansion in the bitcoin industry.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
4.43%
Tags
none
-
Rhea-AI Summary
GRIID Infrastructure Inc. will begin trading its common stock and warrants on Nasdaq Global Market, enhancing visibility, liquidity, and broadening the investor base. The company operates vertically integrated bitcoin mining facilities leveraging low-cost, low-carbon energy, with a mission to better integrate power markets with bitcoin mining. GRIID's rigorous listing on Nasdaq presents an ideal stage to demonstrate its leadership and innovation in the high-growth bitcoin mining sector.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-16.82%
Tags
none

FAQ

What is the current stock price of GRIID Infrastructure (GRDI)?

The current stock price of GRIID Infrastructure (GRDI) is $0.964 as of October 31, 2024.

What is the market cap of GRIID Infrastructure (GRDI)?

The market cap of GRIID Infrastructure (GRDI) is approximately 68.1M.

What does GRIID Infrastructure Inc. specialize in?

GRIID Infrastructure Inc. specializes in Bitcoin mining, utilizing low-cost, low-carbon energy sources for its operations.

Where is GRIID Infrastructure Inc. headquartered?

GRIID Infrastructure Inc. is headquartered in Cincinnati, Ohio.

What is unique about GRIID's business model?

GRIID operates a vertically integrated self-mining business model, leveraging long-term power relationships for sustainable and affordable operations.

When was GRIID Infrastructure Inc. founded?

GRIID Infrastructure Inc. was founded in 2018 and has been operational since 2019.

What are the main locations of GRIID's mining facilities?

GRIID’s main mining facilities are located in Watertown, New York, and several sites in Tennessee including Limestone, Maynardville, and Lenoir City.

What recent milestone has GRIID Infrastructure Inc. achieved?

GRIID Infrastructure Inc. recently achieved a significant milestone by being listed on the Nasdaq Global Market.

How does GRIID ensure its mining operations are environmentally responsible?

GRIID ensures environmentally responsible operations by partnering with utility providers for affordable, reliable, and low-carbon electricity.

What growth plans does GRIID have?

GRIID plans to double its current mining capacity with new facilities in Jackson and Lenoir City, Tennessee.

How can I learn more about GRIID Infrastructure Inc.?

For more information about GRIID Infrastructure Inc., visit their website at www.griid.com.

What is the significance of GRIID's Nasdaq listing?

The Nasdaq listing enhances GRIID's visibility, liquidity, and broadens its investor base, reinforcing its market position.

GRIID Infrastructure Inc.

Nasdaq:GRDI

GRDI Rankings

GRDI Stock Data

68.07M
70.90M
70.37%
8.71%
0.42%
Capital Markets
Finance Services
Link
United States of America
CINCINNATI