Mathisen Marketing

Your Marketing Blog

Bitcoin Miner CleanSpark Acquires Mawson’s Georgia Mining Facility, Rigs for Up to $42.5M

Bitcoin Miner CleanSpark Acquires Mawson’s Georgia Mining Facility, Rigs for Up to $42.5M

As an affiliate, we may earn from qualifying purchases. We get commissions for purchases made through links on this website.

Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase

CleanSpark, a Las Vegas-based cryptocurrency mining company, is buying a facility in Georgia from rival cryptocurrency mining company Mawson Infrastructure Group.

CleanSpark said Friday that it will pay up to $33 million for the facility and an additional $9.5 million for the 6,468 ASIC miners Mawson owns at the facility.

CleanSpark noted that the purchased Georgia facility will add 0.558 exahashes per second (EH/s) to the current 3.8 EH/s hashrate. The miner further said that the plant can expand to 150 megawatts, which would enable 70,000 of the latest generation miners to power more than 7 EH/s.

CleanSpark revealed that it agreed to provide Mawson with up to 30 megawatts of temporary hosting capacity for up to 180 days while it (Mawson) relocates its mining operations to Pennsylvania.

Mawson Infrastructure Group has several mining operations throughout the United States and Australia. Its Beaver County facility is a 100 MW cryptocurrency mining operation located in Midland, Pennsylvania, USA.

CleanSpark said the transaction included $26.5 million in cash consideration, $3 million in seller financing in the form of promissory notes, $11 million in CleanSpark stock (of which $4.5 million is subject to the achievement of certain earnings commitments) and a $2 million seller-funded fee payable at least 60 days after closing after, if certain conditions are met.

Zachary Bradford, CEO of CleanSpark, commented on the development: “The site is nothing short of impressive. We are excited about Georgia and believe that our expansion there will continue to build value for our shareholders and the communities in which we operate throughout Georgia.

James Manning, CEO of Mawson, also commented, “We now plan to turn our attention to the continued development of our Pennsylvania and Texas locations, where we see an opportunity for an attractive return on capital.”

Miners are trying to overcome the crypto crash

This is CleanSpark’s second acquisition within a month.

The company has continued to take advantage of opportunities that arise during the market downturn.

Early last month, CleanSpark spent $25.1 million on a mining facility and Bitcoin mining equipment in Georgia.

The company acquired a 36 megawatt (MW) active facility in Georgia from Bitcoin mining company Waha Technologies for $16.2 million and 3,400 mining jobs operating at the mining site for $8.9 million.

CleanSpark has also taken advantage of falling ASIC prices by buying 6,200 machines in June-August and an additional 10,000 Antminer S19j Pro units this week.

The mining industry has consolidated and is expected to continue amid a bear market that is squeezing margins and compounding miners’ woes. Some of the miners are struggling to run their businesses due to large debt obligations.

Consolidation allows miners to pool their resources and build more capacity and efficiency.

Image source: Shutterstock

Source: https://blockchain.news/news/bitcoin-miner-cleanspark-acquires-mawsons-georgia-mining-facilityrigs-for-up-to-$42.5m

Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase

Source link

Leave a Reply

Your email address will not be published.

Latest Posts

  • Japanese Gaming Giant Sega to Launch First Blockchain Game

    Japanese Gaming Giant Sega to Launch First Blockchain Game

    Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase Sega, one of the largest Japanese game companies, has announced that it will release its first blockchain game in collaboration with another Japanese development company, Double Jump Tokyo. The game, based on Sega’s Sangokushi Taisen franchise, is being built by […]

    Read More

  • here’s where to buy LIT

    here’s where to buy LIT

    Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase Live Litentry is currently trading at $0.72 with a 24-hour trading volume of just under $106 million. Literature has increased by 19.70% in the last 24 hours. If you are interested in unique features and want to learn how and […]

    Read More

  • Oryen, Polkadot, XRP, And Ethereum Could Make You Millionaire

    Oryen, Polkadot, XRP, And Ethereum Could Make You Millionaire

    Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase Are you looking for credible crypto investments that can bring massive profits to your portfolio? If you are and you are dreaming of one investment that could make you a millionaire, you are in the right place. While the crypto […]

    Read More