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Bitcoin miner CleanSpark announces second acquisition in a month

Bitcoin miner CleanSpark announces second acquisition in a month

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Bitcoin mining company CleanSpark is buying a facility in Georgia from rival Mawson Infrastructure Group, its second site acquisition in a month.

The company will pay up to $33 million for the facility and an additional $9.5 million for 6,468 ASIC miners, it said on Friday.

“The site is just impressive,” said CleanSpark CEO Zachary Bradford. “We are excited about Georgia and believe our expansion there will continue to build value for our shareholders and the communities in which we operate throughout Georgia.”

Based in Australia, Mawson is a Nasdaq-listed company with other offices in the US and Australia. Nasdaq has threatened to delist the company for trading below $1, according to a recent 8-K filing with the US Securities and Exchange Commission.

“According to the 8-K, if we’re trading above $1 for 10 days, the problem is cured, or we can simply do a reverse split to cure, so we’re not worried about that,” said Nick Hughes-Jones, chief commercial officer. in Mawson. He added that the deal with CleanSpark is mutually beneficial.

“We now plan to focus our attention on the continued development of our Pennsylvania and Texas locations, where we see an opportunity for attractive capital products,” Mawson CEO James Manning said in a press release.

CleanSpark has now announced its second acquisition within a month, having bought a 36 megawatt mining facility in Georgia from bitcoin miner Waha Technologies for $16.2 million last month.

“The market has been primed for consolidation all summer and we’re happy to be on the buy side,” Bradford said last month. “Our focus on sustainability and maximizing value for our stakeholders has placed us in a unique position to take advantage of the unprecedented opportunities created by today’s markets.”

The company has also taken advantage of falling ASIC prices by buying 6,200 machines in June-August and 10,000 more this week.

Miners purchased from Mawson’s Georgia factory will add 0.558 exahashes per second (EH/s) to CleanSpark’s current 3.8 EH/s hashrate. The plant can expand by another 150 megawatts, which would be able to supply 70,000 latest-generation mining machines producing more than 7 EH/s, the company said.

CleanSpark promised to provide Mawson with up to 30 megawatts of temporary hosting capacity for up to 180 days while it moves its mining operations to Pennsylvania.

The transaction consists of $26.5 million in cash consideration, $11 million in CleanSpark stock (of which $4.5 million is subject to the achievement of certain performance obligations), $3 million in seller financing in the form of notes and $2 million from the seller. The company said the financing is due at least 60 days after closing, subject to certain conditions.

© 2022 The Block Crypto, Inc. All rights reserved. This article is for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial or other advice.

Source: https://www.theblock.co/post/168711/bitcoin-miner-cleanspark-announces-second-acquisition-in-a-month?utm_source=rss&utm_medium=rss

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