Clean Spark INC announced that it has agreed to acquire ATL Data Centers, LLC

Clean Spark INC a software and services company that offers software and intelligent controls for microgrid and distributed energy resource management systems as well as innovative strategy and design services.  Announced that it has agreed to acquire ATL Data Centers, LLC (“ATL”) for up to $19.4 million in shares of the Company’s common stock.

Clean spark recently spent $40M in institutional investment and this acquisition move is perceived as a part of larger growth plan

Shedding light on this development CleanSpark’s CEO said “As part of our strategic acquisition initiative, we identified energy-intensive companies facing the greatest amount of exposure to high power costs and resiliency risk.  Our prior experience in the digital currency mining industry provided insight into how proper energy management was crucial to successful and profitable mining operations.  In 2018, CleanSpark’s energy professionals were tasked to design and engineer a microgrid solution for a ‘stand-alone’ mobile bitcoin mining system.  As part of the ATL complex, we now have 23 such mobile mining rigs in addition to the main facility. This acquisition enables us to take our prior designs and expand upon them at a much greater scale.  We believe today’s transaction allows us to obtain a significant and rapid return on our investment while further validating our energy technologies.  We began an early-stage analysis of ATL in February 2020 to evaluate expanding the facility’s energy capacity and reducing energy costs. After an in-depth examination of the profitability under the existing energy structure, it was apparent that it was a perfect fit to deploy the aforementioned strategy.

There are currently 3,471 bitcoin mining units (“ASICs”) in daily operation on site, processing approximately 190 PH/s which are using approximately 9.6 MW of capacity.  We anticipate that upon completion of the equipment and energy expansion, the facility is expected to produce between 0.9-1.4 EH/s, depending on the final configuration and ASICs deployed. We expect that this will result in multiple bitcoins being produced daily at some of the lowest energy costs in the nation for this type of enterprise.  The Company expects to demonstrate that, by using our technologies, we can reduce the cost of energy to below $0.0285 per kw/h.  After successfully deploying the systems, we intend to take this model to other sites, many of which have significantly higher energy costs offering potentially greater opportunities for savings.”

CleanSpark’s Executive Chairman expanded, “The recent, significant investments into Bitcoin by such respected companies as Square, PayPal, and MicroStrategy further validate our due diligence conclusions surrounding this acquisition.  Our assessment regarding the need for renewable energy in digital currency mining was further supported this week when Square announced the intent to deploy $10M towards its Bitcoin Clean Energy Investment Initiative. This transaction should immediately position us as one of the largest publicly-traded Bitcoin producers in the country.  We will certainly be the only microgrid company that owns and controls the distributed energy supply to its own mining activities, in furtherance of developing our best-in-class technologies. Our efforts will demonstrate to potential clients in this space an easily transferable, low risk for execution model that can quickly enhance their bottom line.”

About ATL Data Centers LLC  – ATL Data Centers LLC leading mining and Mining as a Service (MaaS) company that was founded to provide full mining consulting services for those interested in blockchain. The Management team has managed over 20 mining plants since 2014, and overseen over 50,000 bitcoins mined.

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