CleanSpark acquired a mining site in Georgia for $33 million

Crypto mining company CleanSpark announced on Friday that it has acquired Mawson Bitcoin Mining in Sanderville, Georgia for $33 million. The deal is expected to increase CleleSpark’s hash rate to 1.4 exahashes per second (EH/s) in the next few months and to 7.0 EH/s by the end of next year.

Under the deal, it will buy 6,468 last-generation mining ASICs for $9.5 million, or $17. “These machines run on-premises and instantly add more than 558 petahash per second (PH/s) of computing power when shut down,” the company explains.

For the facility and miners, CleanSpark will add up to $42.5 million, up to $11 million in CleanSpark shares and $4.5 million in revenue commitments. The facility in Georgia can support 24,108 next-generation miners and the company plans to support 70,000 miners producing more than 7.0 EH/s by 2023.

CleanSpark has accelerated consolidation in a bear market with high energy costs. On Thursday, the company announced a purchase agreement with Cryptech Solutions for 10,000 Bitmain Antminer S19j Pro units for a total of $28 million.

In July, CleanSpark announced the purchase of over 1,000 Bitcoin miners from the Whatsminer M30S at a “deeply discounted price.” In June, the mining company bought 1,800 Antminer S19 XP.

During the bull market, the company focused on building infrastructure before ordering equipment months in advance. “This strategy allows us to purchase onshore assets at a significantly lower cost, reducing the time between capitalization and hashing, which accelerates our return on investment,” said Zach Bradford, CEO of CleanSpark.