CleanSpark, a prominent player in the Bitcoin mining industry, has recently made a significant acquisition in Tennessee. The company is set to acquire seven Bitcoin mining sites along with associated properties for a total of $27.5 million. This strategic move is aimed at expanding CleanSpark’s presence in the mining sector and increasing its operational capacity.
The seven mining sites in Tennessee have a combined power capacity of 85 megawatts, making it a lucrative investment for CleanSpark. The deal equates to approximately $324,000 per megawatt, showcasing the company’s commitment to expanding its mining operations.
CleanSpark expects to finalize the acquisitions at each site by September 25th, which will significantly boost its hash rate. The new facilities are expected to reach a total hash rate of 5 exahashes per second (EH/s) once the latest S21 Pro miners are fully installed. This represents a 22% increase in CleanSpark’s current hash rate and demonstrates the company’s dedication to growth and innovation in the mining industry.
Zach Bradford, CEO of CleanSpark, expressed optimism about the company’s future prospects, stating that they could reach 37 EH/s by the end of 2024 with the addition of the new facilities. He highlighted CleanSpark’s strategic approach to capitalizing on favorable market conditions for mining server purchases, which has allowed the company to seize opportunities for growth.
Despite the positive news of the acquisition, CleanSpark’s stock value experienced a slight decline. According to Yahoo Finance data, CLSK was trading down approximately 2% at $9.19 as of press time. However, the company remains confident in its ability to capitalize on the opportunities presented by the Tennessee mining sites.
This acquisition comes on the heels of CleanSpark’s successful mining operations in August, where the company mined 478 BTC and increased its operational hash rate by 1.4 EH/s. CleanSpark currently holds 7,558 BTC as of August 31st and continues to demonstrate strong performance in the mining sector.
Overall, CleanSpark’s acquisition of the seven Bitcoin mining sites in Tennessee marks a significant milestone for the company. With a focus on expanding its operational capacity and capitalizing on market opportunities, CleanSpark is well-positioned for continued growth and success in the competitive Bitcoin mining industry.