Bitcoin Mining Company Cleanspark (CLSK) has secured a new credit facility of $ 100 million with Coinbase Prime, giving it access to fresh capital without selling its Bitcoin stocks or raising equity.
The shares rose almost 6% in trading after the market after the announcement Monday.
The mining company will use the revenue for strategic capital costs, including expanding Cleanspark’s energy portfolio, scaling its bitcoin mining and investing in high preaching computing (HPC) capacities, the company said in a press release.
Instead of selling Bitcoin to raise cash or sell additional shares in the company – a step that can dilute the current shareholders – the Cleanspark assigns the asset as security to continue to grow while sticking to it, it mines.
“Providing accretive growth using non-dilutive funding is at the heart of Cleanspark’s capital strategy,” said Gary A. Vecchiarelli, Cleanspark’s CFO. “Our ‘infrastructure first’ strategy has been proven historically and will further improve shareholder value as we expand to more diversified calculates opportunities.”
The new increase comes after the recent leadership changes are suggested that the miner goes beyond just mining Bitcoin and diversifies to other revenue options. Focus on HPC is not surprising as more and more Bitcoin mine workers are dealing with hosting machines that meet HPC and artificial intelligence computing, which requires a huge amount of energy in their data centers.
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