Bitcoin Mining CleanSpark to Buy Mawson’s Georgia Mining Facility

CleanSpark (CLSK) continues its bear market buying spree with an agreement to purchase competitor Mawson Infrastructure Group’s (MIGI) mining facility in Sandersville, Georgia, and 6,468 latest-generation mining rigs for as much as $42.5 million. The acquisition will be the most recent in a line of agreements made by CleanSpark over this year’s crypto winter, which has been especially challenging for miners due to rising energy prices, intricate financial markets, and the falling price of bitcoin. Bitcoin Mining Facility Owned By Mawson It will sell Sandersville, Georgia, the Bitcoin Mining facility owned by Mawson for around $33 million, plus power deposits valued at a premium to book value and 6468 ASIC Bitcoin miners valued at an extra $9.48 million. Mawson will receive up to $11 million in CleanSpark shares as part of the $33 million payment, $4.5 million of which is contingent upon fulfilling certain earn-out obligations. Mawson would own roughly 5.5% of CleanSpark’s outstanding common stock (estimated as of today’s date) if the target got completed. Before the end of the year, the acquisition anticipates increasing CleanSpark’s computing capacity by 1.4 exahashes per second (EH/s), bringing the company’s hash rate up to 5.2 EH/s from its earlier forecast of 5.0 EH/s. Early in 2023, an additional 2.4 EH/s is anticipated, and by the end of the year, 7.0 EH/s. The sale has received board approval from both organizations and...