CleanSpark Enhances Bitcoin Mining Operations in Tennessee, Envisions Substantial Growth in Hash Rate
CleanSpark has recently unveiled its investment of $27.5 million in expanding its Bitcoin mining activities in Tennessee. This acquisition encompasses seven mining locations in the state, along with their respective assets, marking a milestone in the company’s development. The total power capability of these facilities stands at 85 megawatts (MW), translating to a per MW value of $324,000. The completion of these transactions is anticipated by September 25.
CEO Zach Bradford has shed light on the potential impact of these new sites on CleanSpark’s hash rate, estimating a growth of more than 22% once operational. The company is set to achieve a cumulative hash rate of 5 exahashes per second (EH/s). Furthermore, by incorporating cutting-edge S21 Pro miners, CleanSpark aims to elevate its hash rate to 37 EH/s by the conclusion of 2024.
Bradford has underlined the company’s strategic advantage in capitalizing on opportune market conditions for the acquisition of mining servers. This approach has enabled CleanSpark to secure favorable prices and swiftly leverage the acquired data center space. Noteworthy is Tennessee’s resemblance to Georgia in terms of political and energy landscapes, with CleanSpark having made substantial investments in Georgia.
Notwithstanding this favorable development, CleanSpark’s stocks witnessed a minor downturn post-announcement, experiencing a decrease of about 2% to $9.19 at the time of the report.
This recent transaction follows CleanSpark’s earlier revelation of mining 478 BTC in August, accompanied by a surge in operational hash rate by 1.4 EH/s. The firm currently possesses 7,558 BTC and concluded the sale of 2.5 bitcoins in August at an average rate of $56,729 per bitcoin.
The acquisition of these mining facilities in Tennessee signifies a pivotal step in CleanSpark’s expansion strategy, consolidating its foothold in the Bitcoin mining sector.
