CleanSpark agrees to buy up to 160,000 Bitmain S21 miners; path to 50 EH/s

CLEANSPARK, INC.

Purchased 60,000 S21 miners for $193.2M ($16.10/TH); delivery expected April–June 2024.
Call option to buy 100,000 additional S21 miners at $16.00/TH; $32M option premium expires Dec 31, 2024.
If option fully exercised, hashrate expected to increase from ~10 EH/s to ~50 EH/s (400% increase).
CEO states the agreement acts as a hedge against potential machine price spikes in a bull market.
S21 model chosen for efficiency; company aims to navigate the halving and maintain high uptime.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

CLEANSPARK, INC. entered into Agreement with Bitmain Technologies Delaware Limited valued at $193 million (effective 2024-01-06).

Action: entry
Agreement: asset purchase
Counterparty: Bitmain Technologies Delaware Limited
Value: $193 million
Effective: 2024-01-06

Exact text from the filing

On January 6, 2024, CleanSpark, Inc., a Nevada corporation (the "Company"), entered into an agreement with Bitmain Technologies Delaware Limited (the "Agreement") to purchase up to 160,000 Bitmain S21 miners, which is equal to 32 exahashes per second (EH/s). The delivery of the mining machines is expected to begin in April 2024. The agreement allows for the purchase of 60,000 miners for a net purchase price of $193 million (after application of coupons) for a net cost of $16.10 per terahash.

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CLEANSPARK, INC. filing history →

Source: SEC EDGAR

accession 0000950170-24-002739

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