CleanSpark agrees to buy operating Bitcoin mining facility for $16.2 million

American mining company CleanSpark has signed a definitive agreement with WAHA Technologies to acquire an operating Bitcoin mining facility for $16.2 million.

We’re expanding our footprint in Georgia! ➡️ $CLSK has acquired a plug-in ready, #cleanenergy #bitcoin mining facility from WAHA Technologies. It’s scalable to 86 MW or 2.6 EH/s — a 38% increase in #hashrate.

More info: https://t.co/nGaTLMohk4 pic.twitter.com/OoEcKjYvC5

— CleanSpark Inc. (@CleanSpark_Inc) August 9, 2022

CleanSpark also acquired approximately 3,400 Antminer S19 miners installed at the facility for about $8.9 million.

The company will also deploy equipment that has already been paid for and delivered to it at the facility.

It is expected that as a result, CleanSpark’s hashrate will increase by about 1.1 EH/s, or 38%, by the end of the third quarter.

The Washington, Georgia-based data center has a capacity of 36 MW, with potential to expand by a further 50 MW. The facility primarily draws power from low-carbon sources, such as nuclear plants.

The parties expect to close the deal within 30 days.

The data centre will become the company’s third mining facility in the state, in addition to those in College Park and Norcross.

«The market had been preparing for consolidation all summer, and we are pleased to be on the buyer’s side. Our focus on sustainability and maximizing value for stakeholders has allowed us to take advantage of the unprecedented opportunities created by the current conditions», — CleanSpark CEO Zach Bradford.

In its second-quarter results, the company reported a net loss of $29.1 million. Revenue for the period was $31 million, down 17% from the first quarter.

During April–June, the company mined 964 BTC and increased hashrate by 22%.

Announcing $CLSK‘s Q3 FY2022 financial results:

*Revenue: $31M
*Adjusted EBITDA: $15.2M
*Working Capital: $9.5M
*Total Assets: $411.1M
+Increased #hashrate by 22%

Press release here: https://t.co/2HeFjpoI13#bitcoin #renewables #btc #sustainability pic.twitter.com/FLRm4LsiRZ

— CleanSpark Inc. (@CleanSpark_Inc) August 9, 2022

As of June 30, CleanSpark had $2.7 million in cash and $10.5 million in digital currency on its balance sheet. Total assets were $411.1 million with liabilities of $34.2 million.

Earlier in July, the company acquired 1061 Bitcoin miners Whatsminer M30S at a significantly reduced price due to the market downturn.

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