CleanSpark Inc. (Nasdaq: CLSK) has entered a definitive agreement to acquire GRIID Infrastructure Inc. (Nasdaq: GRDI) in an all-stock transaction valued at $155 million. The deal includes CleanSpark assuming GRIID’s debt and providing a $5 million working capital loan alongside a $50.9 million bridge loan. This merger is set to significantly expand CleanSpark’s bitcoin mining capabilities, particularly in Tennessee.

The agreement also includes an exclusive hosting arrangement for 20 MW of power, immediately allocated to CleanSpark. CleanSpark’s CEO, Zach Bradford, expressed excitement about the acquisition, emphasizing plans to grow Tennessee operations to over 400 MW by 2026. GRIID’s CEO, Trey Kelly, and CSO, Harry Sudock, highlighted the shared vision and anticipated rapid growth in the Tennessee Valley.

Both companies have a community-first approach, embedding their operations within local communities. This merger, unanimously approved by both Boards, is expected to close in Q3 2024, pending GRIID shareholder approval and other customary conditions.

Source

Rebar Labs, a team of seasoned veterans from the Ethereum industry, is bringing their expertise to Bitcoin to tackle the emerging challenges posed by on-chain Maximal Extractable Value (MEV). The company has successfully raised $2.9 million in seed funding, led by 6th Man Ventures, with participation from ParaFi Capital, Arca, Moonrock Capital, and UTXO Management.

Carl Vogel of 6th Man Ventures commented, “As the ecosystem of the world’s largest digital asset grows, Rebar’s products will enable good MEV for fair and efficient markets, creating more value for users and miners and enabling the foundation for a flourishing ecosystem.”

Rebar Labs’ Focus Areas

Rebar Labs has unveiled…

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Coinbase has launched lawsuits against the U.S. Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC), demanding transparency over alleged discriminatory practices towards the crypto industry. The exchange argues that these regulators have unfairly targeted the sector, using bureaucratic delays to suppress crypto’s integration with traditional banking services. The lawsuits, aimed to compel compliance with Freedom of Information Act requests, highlight the regulators’ refusal to disclose information regarding crypto operations and previous investigations.

The SEC has been particularly reticent, denying Coinbase access to documents related to Ethereum and other crypto entities, which could clarify the regulatory stance on digital assets. Coinbase asserts this obfuscation is part of a broader attempt to stifle the industry under outdated securities laws, dubbing the SEC’s actions as “regulation by enforcement.”

Coinbase’s legal battle underscores a growing industry pushback against what they perceive as overreach by financial regulators. By challenging the FDIC’s opaque “pause letters” and the SEC’s secretive practices, Coinbase is advocating for clearer, fairer rules that could foster rather than hinder the evolution of digital finance.

The Bitcoin community has reached a significant milestone, with over one million individuals now owning at least one whole Bitcoin. This achievement underscores the growing interest and confidence in cryptocurrency as a viable investment.

According to data from IntoTheBlock, the number of Bitcoin wholecoiners has steadily increased over the years, demonstrating a clear long-term trend. The term “wholecoiner” refers to individuals who hold at least one full Bitcoin. This milestone is particularly notable as it illustrates the widening acceptance and normalization of Bitcoin as part of diverse investment portfolios.

This trend is likely to continue as more investors are drawn to cryptocurrencies amid increasing digitalization and the appeal of decentralized financial systems. As the number of wholecoiners grows, it serves as a testament to the robustness and maturity of the cryptocurrency market.

IntoTheBlock

A blockchain relic has stirred, as a miner’s wallet, inactive since 2010, suddenly transferred $3.05 million worth of Bitcoin to the Binance exchange. This address, 1PDTDwpgRPdQaCcp3Th6zaMASgcCcm3Jcm, earned 50 BTC through mining activities on July 14, 2010, a time when Bitcoin could still be mined using standard personal computers.

This transfer not only underscores the durability and enduring value of Bitcoin but also highlights the massive potential rewards for early adopters who mined using simple setups. Such events serve as powerful reminders of Bitcoin’s foundational days and its dramatic evolution in mining technology.

As Bitcoin continues to prove its resilience and capacity for delivering substantial long-term value, these occasional peeks into its history invigorate the community and attract new interest to the world of cryptocurrency.

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