CleanSpark Acquires Plug-in Ready Bitcoin Mining Facility in Georgia

Staff Report

Wednesday, August 10th, 2022

 CleanSpark, Inc. (Nasdaq: CLSK) (the “Company”), America’s Bitcoin Miner™, today announced it has entered into a definitive agreement to acquire an active bitcoin mining facility located in Washington, Georgia, for $16.2 million. 

The Company has also purchased approximately 3,400 of the latest generation Antminer S19 series of machines for approximately $8.9 million. These machines, already operating at the acquired site, will add over 340 petahashes per second (PH/s) of computing power. The Company will fill the balance of the 36 MW with machines already paid for and on hand. The site has exclusive rights to an additional 50 MW of power, making the site scalable to 86 MW. 

“We are excited to expand our footprint in Georgia,” said Zach Bradford, CleanSpark’s CEO. “The market has been preparing all summer for consolidation, and we are pleased to be on the acquiring side. Our focus on sustainability and maximizing value for our stakeholders have put us in a unique position to take advantage of the unprecedented opportunities that the current market has created. We are especially excited to be working with the citizens of Washington, GA, who have been so welcoming to us. We look forward to maintaining and growing jobs and infrastructure at our new campus in Washington.”

The site is CleanSpark’s third clean-energy campus in Georgia, with other locations in College Park and Norcross. It draws power predominantly from low-carbon sources, such as nuclear energy.

“We are thrilled to welcome CleanSpark to Washington, Georgia,” said Washington Mayor Bill deGolian. “This partnership will diversify our local industry, create rural technology jobs, expand our electric customer base, and invest in our community. We look forward to a long and prosperous mutual relationship with CleanSpark.”

CleanSpark seized on current market conditions to acquire the site from Waha Technologies, a low-carbon bitcoin miner, which includes the mining facility and machines. The majority of the acquired machines are either the Antminer S19 or S19J Pro models, which are among the most power-efficient bitcoin mining machines on the market. The Company expects to close on the transaction within the next 30 days, subject to customary closing conditions.  

“We started our first bitcoin mining business in Washington, Georgia, because they had idle infrastructure and excess power,” said Chris Bissell, CEO and Cofounder of WAHA Technologies. “We are proud of what we brought to their community and are very excited to pass the baton to CleanSpark, which will elevate the ability to help the City of Washington thrive.”