CleanSpark Boosts 2024 Outlook by Acquiring Seven More Bitcoin Mining Facilities in Tennessee, Adding 5 EH/s
CleanSpark Inc., known as America’s Bitcoin Miner®, has recently revealed its acquisition of seven bitcoin mining facilities and associated land in Knoxville, Tennessee. The purchase, totaling $27.5 million in cash payments, is expected to contribute over 85 MW of immediately available capacity to the Company. This move aligns with CleanSpark’s overarching strategy of securing top-tier infrastructure opportunities at competitive valuations.
The Company is on track to finalize the acquisition at each site by September 25, 2024. Upon completion, the combined facilities are projected to generate an operating hashrate of 5 exahashes per second (EH/s) with the deployment of the latest generation S21 pro miners. This development will boost CleanSpark’s current hashrate by more than 22 percent. The necessary miners for this expansion have already arrived and will be swiftly installed following the closure of each site. These seven locations, ranging from 10 MW to 20 MW, collectively amount to 85 MW.
CleanSpark’s CEO, Zach Bradford, expressed optimism about the Company’s growth trajectory. The recent energization of the Dalton 4 campus has propelled the hashrate beyond 23 EH/s, with additional hashrate expected from the activation of 50 MW of S21 pros in Sandersville. The upcoming deployment of 5 EH/s is anticipated to commence hashing in the following weeks, aiming to achieve 37 EH/s by the end of 2024. Bradford emphasized the strategic timing of mining server purchases to leverage favorable prices and swiftly occupy acquired data center space. He highlighted the significance of recent acquisitions, including the GRIID acquisition and a recent transaction in Wyoming, as part of CleanSpark’s ongoing expansion strategy.
Tennessee’s political and energy landscape mirrors that of Georgia, where CleanSpark has invested nearly $1 billion and operates close to 500 MW. Bradford affirmed the Company’s commitment to applying its successful community-oriented approach in Tennessee to showcase the positive impact of Bitcoin on local power grids and communities.
CleanSpark, recognized as America’s Bitcoin Miner®, operates multiple data centers powered by low-carbon energy sources. The Company’s infrastructure plays a crucial role in supporting Bitcoin, a key digital asset essential for financial inclusivity and independence. CleanSpark prioritizes trust and transparency within its workforce and the communities it serves.
This press release contains forward-looking statements regarding CleanSpark’s expectations, plans, and strategies. The Company acknowledges the inherent risks associated with its operations, including market volatility, regulatory changes, and infrastructure dependencies. CleanSpark remains committed to updating its forward-looking statements in accordance with applicable laws.
For further information, please contact Brittany Moore, Investor Relations, at 702-989-7693 or [email protected], or Eleni Stylianou, Media Relations, at 702-989-7694 or [email protected].
