CleanSpark Purchased Mining Equipment For $33 Million in Georgia

10 September 2022

in Mining

Reading Time: 2 mins read

CleanSpark boosted its Hashrate by purchasing Crypto Mining machines.
CleanSpark will purchase 6,468 last-generation mining ASICs for around $9.5 million.

On 9 September Friday, CleanSpark, a Crypto mining firm, revealed that it is acquiring Mawson’s Bitcoin mining facility in Sandersville, Georgia, for the amount of $33 million.

The motto of dealing and acquiring machines will ultimately increase the hash rate by 1.4 exahashes per second(EH/s) in the upcoming few months and around 7.0 EH/s until the end of the second quarter of 2022.

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In agreement, CleanSpark will purchase 6,468 last-generation mining ASICs for around $9.5 million or $17 per terahash. And the company further explained that “These machines, already operating at the acquired site, will add over 558 petahashes per second (PH/s) of computing power immediately upon closing.”

CleanSpark will pay up to $42.5million, including up to $11 million in CleanSpark stock and $4.5 million in earn-out commitments. The site in Georgia can support up to 24,108 latest-generation miners, and the company plans to extend to support 70,000 miners having over 7.0 EH/s in 2023.

CleanSpark is making the continuous purchase of machines needed in the mining process. On 8 September Thursday, CleanSea closed another deal with Cryptech Solution for purchasing 10,000 Bitmain Antminer S19j Pro units valued at approximately $28 million.

In July, CleanSea, over 1,000 Bitcoin miners were purchased from Whatsminers M30S at a “special discounted price.” During June, the crypto mining firm purchased 1,800 Antminer S19 XP rigs.

Zach Bradford, chief executive officer of CleanSpark, said, “This strategy positioned us to make purchases of landed rigs at significantly lower prices, thus reducing the time between deploying capital and hashing, accelerating our return on investment. “

Matthew Schultz, executive chairman at CleanSpark, highlighted in an official press release that “Georgia has one of the most favorable operating environments in the country.” Further, “We have strategically grown our operations in Georgia because of the state’s strong business ethic, competitive power rates, and an abundance of carbon-free energy, specifically nuclear.

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.