Overview of the Acquisition Deal
On Friday, CleanSpark announced a strategic move that has the crypto world buzzing. The mining firm agreed to acquire Mawson’s Bitcoin mining facility located in Sandersville, Georgia, for a whopping $33 million. This bold step is projected to enhance CleanSpark’s hash rate by an impressive 1.4 exahashes per second (EH/s) in the coming months, ultimately pushing their total to 7.0 EH/s by the end of the next year.
The Details Behind the Purchase
As part of the agreement, CleanSpark is not just snagging the facility but also acquiring 6,468 last-generation ASIC miners for a tidy sum of $9.5 million. At just $17 per terahash, these miners are already generating computing power on-site. Upon closing the deal, they will contribute over 558 petahashes per second (PH/s) immediately, which is like throwing a power-up in a video game.
Investment Figures Break Down
- Total payment for facility and miners: $42.5 million
- CleanSpark stock components: Up to $11 million
- Earn-out commitments: $4.5 million
The Sandersville site has the potential to support a staggering 24,108 latest-generation miners, and CleanSpark has grand plans to ramp that capability up to 70,000 miners producing over 7.0 EH/s in 2023.
Recent Moves in a Bear Market
In an era of high energy costs and dwindling prices, CleanSpark has been on a shopping spree. Just a day prior to this announcement, they revealed their purchase of 10,000 Bitmain Antminer S19j Pro units from Cryptech Solutions for a total cost of $28 million. Clearly, they are not letting the bear market slow their momentum.
Strategic Importance of Infrastructure Investment
During the bullish phase of the market, CleanSpark focused heavily on infrastructure development, ordering equipment months in advance. According to Zach Bradford, the CEO of CleanSpark, this forward-thinking approach allowed them to purchase landed rigs at significantly lower prices. This strategy not only shortened the time between capital deployment and actual hashing but also accelerated their return on investment.
Conclusion
CleanSpark’s latest acquisition not only exemplifies their determination to grow but also highlights strategic thinking in a challenging market environment. As they march towards their goal of 7.0 EH/s, one can’t help but wonder what they’ll pull off next. The crypto sphere is watching eagerly, popcorn in hand.
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