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Mining Firm CleanSpark Acquires Mining Facility in Georgia

Mining Firm CleanSpark Acquires Mining Facility in Georgia

  • The current capacity of the Georgia facility is for 24,108 miners.
  • The mining firm also acquired 1,800 Antminer S19 XP machines in June.

CleanSpark, a cryptocurrency mining company, stated on Friday that they have reached a deal to purchase the Bitcoin mining facility operated by Mawson in Sandersville, Georgia for $33 million. It is expected that the transaction would improve CleanSpark’s hash rate by 1.4 EH/s in the coming months and by a further 3.5 EH/s by the end of the following year.

Under the terms of the deal, the parties will pay $9.5 million (or $17 per terahash) for a total of 6,468 older-generation mining ASICs.

The firm stated:

“These machines, already operating at the acquired site, will add over 558 petahashes per second (PH/s) of computing power immediately upon closing.”

Expansion at Best Deal

Up to $42.5 million, including up to $11 million in CleanSpark stocks and $4.5 million in earn-out obligations, will be paid by CleanSpark for the facility and miners. The current capacity of the Georgia facility is for 24,108 miners of the newest generation, but the business has lofty ambitions to increase that to 70,000 miners by 2023, at which point they will be generating over 7.0 EH/s.

The deal to sell 10,000 Bitmain Antminer S19j Pro miners to Cryptech Solutions for $28 million was revealed on Thursday. For a “substantially discounted price,” CleanSpark bought over a thousand Bitcoin miners from Whatsminer M30S in July. The mining firm also acquired 1,800 Antminer S19 XP machines in June.

The corporation prioritized infrastructure development and made advance equipment orders during the bull market.

Zach Bradford, CEO of CleanSpark stated:

“This strategy positioned us to make purchases of landed rigs at significantly lower prices, thus reducing the time between deploying capital and hashing, accelerating our return on investment.” 

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