CleanSpark Inc., a key player in the Bitcoin mining sector, is gearing up to double its operating hash rate ahead of the upcoming Bitcoin halving event by expanding its operations with the addition of four new mining facilities.
The company has strategically planned acquisitions and expansions to bolster its mining capabilities and geographical presence.
Acquisitions of Bitcoin Mining Facilities:
CleanSpark recently announced agreements to acquire three turnkey Bitcoin mining facilities in Mississippi, with a total cash payment of $19.8 million. These acquisitions, expected to be finalized within 21 days, are poised to significantly increase the company’s operational hash rate.
Upon completion, the combined facilities in Mississippi are projected to contribute 2.4 EH/s (exahashes per second) to CleanSpark’s mining operations.
Additionally, CleanSpark plans to acquire a third mining facility under construction in Dalton, GA. With an initial cash payment of $3.4 million and an additional investment of $3.5 million to complete the project, this facility is slated to commence operations in April 2024 with an expected hash rate of 0.8 EH/s.
In tandem with facility acquisitions, CleanSpark is expanding its existing Dalton campus to add another 0.8 EH/s to its current operational hash rate of 0.8 EH/s. Once all Dalton facilities are fully operational, CleanSpark anticipates achieving a total operating hash rate of 2.4 EH/s, significantly boosting its mining capabilities.
These initiatives follow CleanSpark’s strategic agreement in January to purchase up to 160,000 S21 miners, paving the way for a hash rate of 50 EH/s.
Optimism from CleanSpark CEO:
Zach Bradford, CEO of CleanSpark, expressed confidence in the company’s expansion endeavors. He stated, “I’m pleased to announce our expansion into nearby Mississippi and our newest acquisition in Dalton, which will not only strengthen our ties in this vibrant community but also improve our operating efficiencies as we prepare for the halving.”
With these developments, CleanSpark aims to surpass 20 EH/s during the first half of 2024, doubling its current operational hash rate of 10 EH/s. The company intends to finance the acquisitions with cash.
Bradford emphasized CleanSpark’s focus on geographic diversity and operational efficiency, noting, “With the addition of Mississippi to our portfolio, we are gradually increasing our geographic diversity and expect to apply our proven track record of success in this new and exciting operating environment.”