Business
Mawson Infrastructure Group Inc. to Sell Sandersville, Georgia Bitcoin Mining Facility Including 6468 ASIC Bitcoin Miners to CleanSpark, Inc. for up to $42.5 Million
Mawson to focus expansion activities at its Pennsylvania Bitcoin Mining Facilities, which, when combined with existing and pipeline sites are capable of
About this update from Cleanspark, Inc.
[{"type":"text","content":"\nMawson to focus expansion activities at its Pennsylvania Bitcoin Mining Facilities, which, when combined with existing and pipeline sites are capable of operating at up to approximately 12.0 Exahash of Self-Mining and Hosting Co-location across 360 megawatts of energy capacity\n\nMawson intends to use proceeds of sale to reduce debt and to continue the expansion of its Self-Mining and Hosting Co-location businesses in the USA\n\n ATLANTA & SYDNEY--(BUSINESS WIRE)--\nMawson Infrastructure Group Inc. (NASDAQ:MIGI) (“Mawson”), a digital infrastructure provider, today announced it has entered into definitive agreements with CleanSpark, Inc. (NASDAQ:CLSK) (“CleanSpark”) to sell its Sandersville, Georgia Bitcoin Mining Facility, and 6,468 ASIC Bitcoin Miners to CleanSpark for up to a maximum total purchase price of $42.5 million, subject to reaching certain earn-out commitments, with closing expected in early October.\n\nMawson has executed definitive documentation to sell its Sandersville, Georgia Bitcoin Mining Facility for approximately $33 million plus power deposits, at a premium to book value, and 6468 ASIC Bitcoin Miners for an additional $9.48 million. As part of the $33 million of consideration, Mawson will receive up to approximately $11 Million in CleanSpark stock ($4.5 million of which is subject to meeting certain earn-out commitments), which if the full amount is achieved would result in Mawson owning approximately 5.5% of the outstanding common stock of CleanSpark (calculated as of today’s date).\n\nMawson intends to use the proceeds of sale to reduce debt and to focus near-term expansion activities at its Midland and Sharon Bitcoin Mining Facilities in Pennsylvania, with total energy capacity available for Bitcoin Mining of 220 megawatts. Mawson’s existing and pipeline sites include its Australian operations and its 120-megawatt Bitcoin Mining Facility in Texas. These sites combined have a cumulative 360 megawatts of energy capacity available for Bitcoin Mining, which is capable of operating at approximately 12.0 Exahash.1\n\nThe agreement has been approved by the organizations’ respective boards of directors and is subject to customary closing conditions. CleanSpark and Mawson expect to close the transaction in early October.\n\nJames Manning, CEO and Founder of Mawson, said, “We have thoroughly enjoyed working with...