CleanSpark to obtain Mawson Bitcoin mining facility

Updated: 10 September 2022

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Popular Bitcoin Miner, CleanSpark has agreed to acquire Mawson Bitcoin mining infrastructure in Sandersville, Georgia. The firm confirmed the development in its Friday press release. CleanSpark will acquire 6,468 latest-generation mining rigs from Mawson through the deal, amounting to over $42 million.

Mawson plans to explore the funds generated from the sale to settle its debt. The funds will aid the expansion of its Midland and Sharon Bitcoin mining infrastructure in Pennsylvania by improving its total energy capacity to 220 megawatts.

CleanSpark, on the other hand, will bank on Mawson’s acquisition to grow its hash rate by 1.4 exahashes per second (EH/s) in the coming months and to 7.0 EH/s before the end of 2023. As spelled out in the acquisition deal, CleanSpark is expected to pay at least $26.5 million in cash to Mawson. It will also pay $11 million in common stock.

Meanwhile, James Manning, CEO, and founder of Mawson, is delighted by the deal, saying the mining firm still looks forward to working more closely with CleanSpark in the future. Manning further stated that Mawson plans to focus on “the continued development of our Pennsylvania and Texas facilities, where we see the opportunity for compelling returns on capital.” He appreciated the City of Sandersville for accepting Mawson into their community and “being high-quality partners over the last several years.”

The CEO of CleanSpark, Zachary Bradford, also reacted to the development. He describes the acquired Bitcoin mining facility in Sandersville as outstanding. According to the CEO, the facility was efficiently run by about 20 committed experts who anchored its design, development, and upkeep. Bradford added that his team is “enthusiastic about Georgia and believes that our expansion there will continue to build value for our shareholders and the communities we operate in throughout Georgia.”

CleanSpark is building a remarkable infrastructure with numerous acquisitions

This development comes a few days after CleanSpark agreed on an acquisition deal with Cryptech Solutions. The crypto miner acquired about 10,000 Bitmain Antminer S19j Pro units, amounting to $28 million. Also, in July, the crypto miner purchased 1,000 Bitcoin miners from Whatsminer M30S at a “substantially discounted price,” just as it bought 1,800 Antminer S19 XP rigs in June.

These acquisitions illustrate the ambition of the crypto miner to build and expand its infrastructure. Bradford confirmed this: “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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