CleanSpark’s $27.5 Million Expansion to Increase Bitcoin Mining Capacity by 22%
CleanSpark, a company in the crypto industry, is making significant moves by acquiring seven Bitcoin mining sites in Tennessee for $27.5 million. The announcement came on September 11, revealing that these sites collectively have a power capacity of 85 megawatts, translating to around $324,000 per megawatt.
The acquisition is expected to be completed by September 25. CleanSpark anticipates that once the latest S21 Pro miners are fully operational, these sites will reach a hash rate of 5 exahashes per second (EH/s). This increase is projected to boost the company’s current hash rate by more than 22%.
CleanSpark’s CEO, Zach Bradford, expressed optimism about the company’s growth potential, aiming to achieve a hash rate of 37 EH/s by the end of 2024. He highlighted the strategic advantage of securing mining servers at favorable prices to capitalize on opportunities like this acquisition. Bradford also emphasized the company’s recent progress in energizing its Dalton 4 campus, surpassing 23 EH/s.
Tennessee, where the new sites are located, offers a political and energy environment similar to Georgia, where CleanSpark has already made substantial investments, operating close to 500 megawatts. Despite the positive news of the acquisition, CleanSpark’s stock value experienced a decline, with CLSK trading down approximately 2% at $9.19 at the time of reporting.
This acquisition follows CleanSpark’s announcement of mining 478 BTC in August and increasing its operational hash rate by 1.4 EH/s. The company also disclosed that it held 7,558 BTC as of August 31. During August, CleanSpark sold 2.5 BTC at an average price of around $56,729 per BTC, with an average daily mining rate of 15.43 BTC and a peak of 17.88 BTC in a single day.
In conclusion, CleanSpark’s strategic acquisitions and operational advancements signify its commitment to expanding its presence in the crypto mining sector. The company’s focus on efficiency and growth in hash rate demonstrates its proactive approach in leveraging market opportunities for sustained development and success in the crypto industry.
