CleanSpark secures $35 million in debt capital

Mining • April 26, 2022, 9:00AM EDT
UPDATED: April 26, 2022, 8:56AM EDT
The Block

Bitcoin miner CleanSpark announced on Tuesday that it raised $35 million in non-dilutive equipment financing.

The company closed a three-year deal with Trinity Capital Inc. backed by 3,336 new S19j Pro miners and with an annual interest rate of 9.9%.

The new capital will be used for CleanSpark's growth capital expenditures.

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The company recently announced that it would expand mining capacity by 200 megawatts in west Texas until the spring of 2023, with the goal of adding an extra 300 megawatts in the future.

“We intend to continue our efforts of obtaining non-dilutive capital to finance our growth capex needs,” said CFO of CleanSpark Gary Vecchiarelli. “It is worth noting that we have not drawn on our ATM since November.”

CleanSpark currently owns 23,000 “latest-generation” bitcoin mining machines and is waiting on the delivery of approximately 12,000 new ones, per the announcement.

About Author

Catarina is a reporter for The Block based in New York City. Before joining the team, she covered local news at Patch.com and at the New York Daily News. She started her career in Lisbon, Portugal, where she worked for publications such as Público and Sábado. She graduated from NYU with a MA in Journalism. Feel free to email any comments or tips to [email protected] or to reach out on Twitter (@catarinalsm).