Cleanspark announced a major step forward in its Bitcoin mining operations by acquiring seven facilities in Tennessee, marking a big increase in their mining power.
Cleanspark boosts hashrate with $27.5 Million Deal
Cleanspark just signed a $27.5 million agreement to purchase seven Bitcoin mining facilities located in Knoxville, Tennessee.
This deal is expected to add 5 exahashes per second to their mining capacity by 2024, and this is not a small amount, it’s around 22% increase in their overall hashrate.
The company plans to finalize the acquisition of all seven sites before end of September.
These new facilities will bring in more than 85 megawatts of mining power, with individual sites ranging between 10 MW and 20 MW in size.
Acquisition is one of the best growth strategies
Zach Bradford, the company’s CEO shared that this move is part of the company’s strategy to grow its mining capacity.
He pointed out that Cleanspark upgraded their Dalton 4 campus, surpassing 23 EH/s, and expects more capacity to come online soon with 50 MW of new mining power at their Sandersville location.
The goal is to reach 37 EH/s by the end of the year. Bradford also revealed the similarities between Tennessee and Georgia, where Cleanspark also invested nearly $1 billion and operates close to 500 MW, proving the company’s long-term commitment of expanding in energy-efficient regions.
Mining equipment development
Cleanspark is strengthening its mining operations with the addition of purchased S21 Pro miners, which will further increase its hashrate.
In August, the company also purchased 26,000 units of Bitmain’s S21 XP immersion-cooled mining machines.
This seems pretty bold move at a time when the Bitcoin mining industry is facing hard challenges.
Revenue for miners has fallen, and the low hashprice is creating pressure on operators. But Cleanspark continues to focus on expansion, and building, instead of throwing in the towel.
