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Bitcoin Miner CleanSpark Buys Mawson Site as Consolidation Rises

  • The $33 million deal is among the first large transactions
  • CleanSpark will also purchase machines for $9.5 million
An array of bitcoin mining units inside a container at a Cleanspark facility in College Park, Georgia.
An array of bitcoin mining units inside a container at a Cleanspark facility in College Park, Georgia.Photographer: Elijah Nouvelage/Bloomberg
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CleanSpark Inc., a publicly traded Bitcoin miner, has agreed to acquire a mining facility and machines from Mawson Infrastructure Group Inc. -- a likely sign that more industry consolidation is ahead. 

The deal, announced Friday, comes as Bitcoin mining companies’ revenue nears a two-year low due to increasing network competition, low Bitcoin prices and soaring energy costs. While some miners scale back mining operations or reorganize their facilities to be more efficient, relatively well-capitalized mining firms like Henderson, Nevada-based CleanSpark are expanding by acquiring infrastructure such as data centers and machines at a discount.