CleanSpark Inc., a prominent participant in the Bitcoin mining industry, has announced plans to increase its operational hash rate. The company aims to double its hashrate in preparation for the upcoming Bitcoin halving event.
In light of this, the company has unveiled strategic acquisition and expansion efforts to strengthen its mining capabilities and geographic reach.
Acquisition of Bitcoin mining facility
In a recent press release, CleanSpark revealed The company has agreed to purchase three turnkey Bitcoin mining facilities in Mississippi for a total of $19.8 million in cash. These acquisitions are expected to close within 21 days and are expected to significantly increase the company’s operating hashrate.
After closure, the Mississippi complex is expected to contribute 2.4 EH/s (exahash per second) to CleanSpark’s mining operations.
The company plans to acquire a third mining facility, which is under construction in Dalton, Georgia. With an initial cash payment of $3.4 million and additional investment of $3.5 million by project completion, the facility is expected to be operational in April 2024, with an expected hash rate of 0.8 EH/s.
The company is also expanding its existing Dalton campus, with plans to add an additional 0.8 EH/s to its current operating hash rate of 0.8 EH/s. Once all Dalton facilities are fully operational, CleanSpark expects to achieve a total operating hash rate of 2.4 EH/s and further increase its mining capacity.
These announcements follow CleanSpark’s strategic agreement in January. purchase It supports up to 160,000 S21 miners and paves the way for hash rates of 50 EH/s.
CleanSpark CEO optimistic amid expansion efforts
CleanSpark CEO Zach Bradford expressed optimism about the company’s expansion efforts.
“We are excited to announce our expansion into greater Mississippi and our latest acquisition in Dalton, which not only strengthens our ties in this vibrant community, but also increases operational efficiencies as we head into the halving period. will also improve,” Bradford said.
With these developments, CleanSpark aims to exceed 20 EH/s in the first half of 2024, doubling its current operational hash rate of 10 EH/s. The company plans to raise funds for the acquisition with cash.
Bradford further emphasized that CleanSpark is focused on geographic diversity and operational efficiency. “With the addition of Mississippi to our portfolio, we are gradually increasing our geographic diversity and look forward to applying our proven track record of success in this new and exciting operating environment.” he explained.
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