Further, the potential cost savings due to the automation and optimization software will allow for benefit during normal use periods. If consumers begin to worry about their power availability with the increased risk of blackouts or power loss, then there is a large addressable market cap. Most current applications are for large-scale industrial or commercial settings, and so are unable to grow with a large consumer base. For example, look to the recent Texas grid failure last winter or the frequent California blackouts as a huge risk for the numerous companies that are headquartered in those states.Īnother point of difference to competitors such as Siemens ( OTCPK:SIEGY), Schneider ( OTCPK:SBGSF) ( OTCPK:SBGSY), or other conglomerates is that CleanSpark is attempting to be the first mainstream residential microgrid provider.
With current climate change influenced weather damage, dated grid infrastructure, and increased deployment of renewable assets, I expect there will be an exponentially increasing need for microgrids over the coming years. However, CleanSpark is further differentiated by their software platforms that provide automated and optimized control to clients, and this may be the point of differentiation to the numerous competitors in the field. Now, their platform is deployed in over seven countries and their microgrid controllers are ranked 11 in the world according to Guidehouse Insights, higher than huge names like GE ( GE ), Emerson ( EMR ), and Eaton ( ETN ). It is not offered or intended to be used as legal, tax, investment, financial, or other advice.For those who may be new to the company, CleanSpark ( NASDAQ: CLSK) began as a leading producer of microgrid technology, and many of their first installations were for military use. This article is provided for informational purposes only. The deal breaks down to $26.5 million of cash consideration, $11 million in CleanSpark stock ($4.5 million of which is subject to reaching certain earn-out commitments), $3 million in seller financing in the form of promissory notes and $2 million in a seller-financed earn-out payable at least 60 days after closing upon certain conditions being met, the company said. The site can expand an extra 150 megawatts, which would be able to power 70,000 latest generation miners, producing over 7 EH/s, the company said.ĬleanSpark agreed to provide Mawson with up to 30 megawatts of temporary hosting capacity for up to 180 days, while it transfers its miners to the Pennsylvania location. The miners purchased from Mawson at the Georgia facility will add 0.558 exahashes per second (EH/s) to CleanSpark's current hashrate of 3.8 EH/s. The company also has taken advantage of the declining prices of ASICs, buying 6,200 machines between June and August, and an additional 10,000 this week. "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." "The market has been preparing all summer for consolidation, and we are pleased to be on the acquiring side," Bradford said last month. “We now intend to focus our attention on the continued development of our Pennsylvania and Texas facilities where we see the opportunity for compelling returns on capital," Mawson CEO James Manning said in a press release.ĬleanSpark has now announced its second acquisition in a month, after buying a 36 megawatt mining facility in Georgia last month from bitcoin miner Waha Technologies for $16.2 million. He added that the transaction with CleanSpark is a "win-win for both parties." "Per the 8-K, if we trade above $1 for 10 days the issue is cured, or we can simply do a reverse split to cure, so we’re not worried about that," said Nick Hughes-Jones, chief commercial officer at Mawson. Securities and Exchange Commission 8-K filing. Nasdaq has threatened to delist the company for trading under $1, according to a recent U.S.
"We are enthusiastic about Georgia and believe that our expansion there will continue to build value for our shareholders and the communities we operate in throughout Georgia.”īased in Australia, Mawson is a Nasdaq-listed company with other facilities in the U.S. "The site is nothing but impressive," said CleanSpark CEO Zachary Bradford. The company will pay up to $33 million for the facility, and an additional $9.5 million for 6,468 ASIC miners, it said on Friday. Bitcoin miner CleanSpark is buying a facility in Georgia from competitor Mawson Infrastructure Group, its second site acquisition in the span of a month.
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