The agreement is expected to boost CleanSpark's hash rate by 1.4 exahashes per second (EH/s) in the coming months, and to 7.0 EH/s by the end of next year.
As part of the agreement, 6,468 last-generation mining ASICs will be acquired for $9.5 million, or $17 per terahash. These machines, which are currently operational at the purchased facility, will immediately contribute over 558 petahashes per second (PH/s) of processing power.
CleanSpark will pay up to $42.5 million for the facility and miners, including up to $11 million in CleanSpark stock and $4.5 million in earn-out commitments. The Georgia facility can accommodate 24,108 latest-generation miners, and the company hopes to expand to accommodate 70,000 miners producing more than 7.0 EH/s by 2023.
CleanSpark has intensified its consolidation in a bear market with high energy prices. On Thursday, the company signed a $28 million purchase deal with Cryptech Solutions for 10k Bitmain Antminer S19j Pro devices.
In July, CleanSpark disclosed that it has purchased over 1,000 Bitcoin miners from Whatsminer M30S at a "significantly discounted price." In addition, the mining company purchased 1,800 Antminer S19 XP machines in June.
During the bull market, the company prioritized infrastructure development before ordering equipment in advance. “This strategy enabled us to acquire landed rigs at considerably discounted prices, reducing the period between capital deployment and hashing and speeding our return on investment,” said Zach Bradford, CEO of CleanSpark.
