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 <a href="https://www.sec.gov/Archives/edgar/data/1218683/000121390022054901/ea165565ex99-1_mawson.htm" target="_blank" rel="nofollow noopener">acquisition</a> 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.
<h2>Bitcoin Mining Facility Owned By Mawson</h2>
It will sell Sandersville, Georgia, the <a href="https://www.cryptoknowmics.com/news/white-house-suggests-outlawing-bitcoin-proof-of-work-mining/" target="_blank" rel="noopener">Bitcoin Mining</a> 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 got scheduled to close in the first week of October. CleanSpark received financial advice from H.C. Wainwright.
<h2>Exit Georgia</h2>
Mawson will leave Georgia after the sale, letting the firm concentrate on the growth of its operations in Pennsylvania and Texas, where it sees "opportunities for compelling returns on capital," according to CEO James Manning. In its most recent presentation, Mawson had five facilities before this purchase, four of which were in the United States and one in Australia. With a planned generating capacity of 230 megawatts, Sandersville was its largest mining facility.

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.

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Bitcoin Mining CleanSpark to Buy Mawson's Georgia Mining Facility

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