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On October 11, the publicly-listed bitcoin miner Cleanspark announced that it has completed the acquisition of Mawson Infrastructure Group’s Georgia-based bitcoin mining facility. Following the acquisition, Cleanspark says it now manages 220 megawatts (MW) of bitcoin miners with a hashrate of over 4.7 exahash per second (EH/s).
Cleanspark Hashrate Moves Closer to 5 Exahash, Firm Obtains 6,500 Mining Rigs From the Facility Acquisition
Cleanspark (Nasdaq: CLSK) revealed on Tuesday that the mining firm has finished the acquisition of Mawson’s Georgia-based bitcoin mining facility located in Sandersville. The acquisition, Cleanspark says, included 6,500 mining rigs or roughly 560 petahash per second (PH/s) of hashpower.
According to Cleanspark, the Sandersville site is the publicly-listed bitcoin miner’s fourth facility in Georgia. The other locations Cleanspark operates are located in Washington, College Park, and Norcross.
“Mawson has built a world-class facility, staffed by an incredible team, and we are looking forward to continuing their work in Sandersville, eventually building this site to its full potential of 230 MW as we work toward our 2023 year-end guidance of 22.4 EH/s,” Zach Bradford, Cleanspark’s CEO, said on Tuesday in a statement.
Cleanspark’s increased hashrate follows Bitcoin’s total hashrate tapping an all-time high (ATH) on October 5, 2022, and the network’s mining difficulty reaching an ATH on October 10. With the current difficulty ATH and bitcoin’s (BTC) price just barely above the $19K range, the headwinds have put significant pressure on BTC miners looking to maximize profits.
Cleanspark’s CEO Zach Bradford has mentioned in the past that the company managed to ward off the crypto winter and it also managed to find opportunities during the downturn. In addition to acquiring Mawson’s facility, Cleanspark acquired thousands of bitcoin miners at a discount.
“During the tail end of the bull market last year, we strategically focused on building infrastructure instead of following the then industry trend of pre-ordering equipment months in advance,” Bradford said at the time.
Following the announcement and at the time of writing, CLSK shares traded on Nasdaq are up 3.05%. Six-month statistics, however, show CLSK shares are down 70.08% against the U.S. dollar and year-to-date, CLSK is down 68.77%.
Since it entered Georgia, Cleanspark says that the firm has invested “$275 million in Georgia communities” and it has provided “over 80 highly skilled and skilled jobs, scholarships, and various community sponsorships” in the region.