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CleanSpark earns 10 Bitcoins to add nearly $200K in revenue a week after acquiring crypto miner ATL Data Center

The Utah firm purchased ATL Data for up to $19.4 million in stock as an opportunity to deploy its patented microgrid software and controls at the Atlanta data center location to increase power capacity, energy savings, and resiliency

CleanSpark Inc - CleanSpark Inc says it has earned about 10 Bitcoins to add nearly $200,000 in revenue a week after acquiring  crypto miner ATL Data Center LLC
This week, CleanSpark placed an order for 500 additional Bitcoin mining units (ASICs) to be deployed at the ATL location

CleanSpark Inc (NASDAQ:CLSK), which acquired Bitcoin miner ATL Data Center LLC last week, said Friday that it has earned about 10 coins of the cryptocurrency to add nearly $200,000 to the company’s revenue stream. 

The Utah company purchased ATL Data for up to $19.4 million in CleanSpark stock as an opportunity to deploy its patented microgrid software and controls at the data center location to increase power capacity, energy savings, and resiliency. 

CleanSpark said it believes this will demonstrate to other mining operations the value of its microgrid solutions using distributed energy sources including solar, energy storage, and other renewables in a real-world, power-intensive application.

READ: CleanSpark announces a 122% jump in 2020 revenue, a triple-digit increase for the third consecutive year

By leveraging its proprietary microgrid technologies, the company expects to increase Bitcoin production while lowering total energy expenses, thereby maximizing overall profitability.

This week, CleanSpark said it placed an order for 500 additional Bitcoin mining units (ASICs) to be deployed at the ATL location in Atlanta. Delivery of the new ASICs is scheduled for the second week of January. CleanSpark has also installed an additional 38 new S19 ASICs just this week. 

These new machines are in addition to the more than 3,400 ASICs already in daily operation onsite. Bitcoin miners receive incremental amounts of Bitcoin as payment for completing blocks of verified transactions which are subsequently added to the blockchain.

"We are extremely pleased with the first week, post-acquisition. ATL has continued mining without significant interruption during integration of our teams and the ability to quickly procure additional miners immediately increased our capacity,” said CleanSpark CEO Zachary Bradford. 

“With the latest S19s deployed we have now exceeded 200PH/s of mining capacity. We are focused on successfully deploying renewable energy assets in digital currency mining, and CleanSpark anticipates upon implementation of its solutions that its total costs to mine at ATL will be among the lowest in the United States."

Matthew Schultz, executive chairman, added: "Doing the simple math, 10 bitcoins have added roughly $200,000 to CleanSpark's revenues in the week since closing. Our commitment to ATL was to give their team of experts autonomy in their mining operations, but also provide crucial resources and support to expand the facility and increase profitability.” 

As of December 17, Bitcoin has traded as high as at $23,775, increasing from $18,279 on the day acquisition was completed.

Contact the author: patrick@proactiveinvestors.com

Follow him on Twitter @PatrickMGraham

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Price: 22.72 USD

NASDAQ:CLSK
Market: NASDAQ
Market Cap: $536.73 m
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