CleanSpark Inc. has recently expanded its Bitcoin mining operations with the acquisition of two new sites near Clinton, Mississippi, and the closure of its second site in Wyoming. The Mississippi acquisitions, totaling $5.775 million, will support 16.5 megawatts of capacity and are expected to be operational by December 1, 2024.
The new Mississippi sites will host Bitmain’s Antminer S21 Pro, adding approximately 1 exahash per second (EH/s) to CleanSpark’s operating hashrate. This expansion brings the company’s data center portfolio in Mississippi to a total of 60.5 megawatts.
Zach Bradford, CEO of CleanSpark, commented on the recent developments, stating, “Including today’s announcement, our operational capacity has soared over the last seven days totaling 211.5 MW of new capacity. That’s an increase of nearly 38 percent, which will not only support our target of 37 EH/s by the end of 2024, but also our target of 50 EH/s in 2025.”
In addition to the Mississippi acquisitions, CleanSpark finalized its 45-megawatt site in Wyoming on September 11, 2024. This site is expected to contribute an additional 3 EH/s to the company’s hash rate upon completion and features immersion-cooled Bitcoin mining data centers for S21 immersion XPs.
The company reported an average operating hash rate of 21.3 EH/s in August, resulting in the mining of 478 BTC in the same month. This translates to a daily average of 15.43 BTC mined, with a peak of 17.88 BTC mined in a single day. The year-to-date total mined amount is 4,586 BTC.
CleanSpark also announced the acquisition of seven additional mining facilities in Tennessee, adding 5 EH/s to its hash rate capacity. The total acquisition cost for these sites is $27.5 million, with each megawatt costing approximately $324,000. The company expects to close each of the new sites before September 25, contributing 22% to its current hash rate capacity.
Despite reporting $104.1 million in revenue for the third quarter, CleanSpark experienced a net loss of $236.2 million in the period. However, its revenue grew by 129% year-on-year. The company currently holds $1.48 billion in total assets, with $625.8 million related to mining assets, including prepaid deposits and deployed mining hardware. The Bitcoin stash is the second largest holding, amounting to $413 million.