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CleanSpark is set to acquire seven Bitcoin mining sites in Tennessee, along with associated properties, for $27.5 million, according to a Sept. 11 statement.
The miner stated that these facilities have a combined power capacity of 85 megawatts (MW), which means the deal equates to about $324,000 per MW.
The company expects to finalize the acquisitions at each site by Sept. 25.
CleanSpark noted that the new sites 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 is projected to increase its current hash rate by over 22%.
Zach Bradford, CleanSpark’s CEO, said the company could reach 37 EH/s by the end of 2024 with the addition of the new facilities while also highlighting the firm’s progress in energizing its Dalton 4 campus last week, which helped it to exceed 23 EH/s.
Bradford also emphasized the company’s strategy of capitalizing on favorable market conditions for mining server purchases. He said:
He further noted that Tennessee offers a political and energy environment similar to Georgia, where CleanSpark has already invested nearly $1 billion and operates close to 500 MW.
Despite the acquisition news, the company’s stock value declined. According to Yahoo Finance data, CLSK was trading down approximately 2%, at $9.19 as of press time.
This acquisition comes shortly after CleanSpark announced it had mined 478 BTC in August and increased its operational hashrate by 1.4 EH/s. The firm stated that it held 7,558 BT as of Aug. 31.
It added:
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The miner stated that these facilities have a combined power capacity of 85 megawatts (MW), which means the deal equates to about $324,000 per MW.
The company expects to finalize the acquisitions at each site by Sept. 25.
Hash rate increase
CleanSpark noted that the new sites 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 is projected to increase its current hash rate by over 22%.
Zach Bradford, CleanSpark’s CEO, said the company could reach 37 EH/s by the end of 2024 with the addition of the new facilities while also highlighting the firm’s progress in energizing its Dalton 4 campus last week, which helped it to exceed 23 EH/s.
Bradford also emphasized the company’s strategy of capitalizing on favorable market conditions for mining server purchases. He said:
He further noted that Tennessee offers a political and energy environment similar to Georgia, where CleanSpark has already invested nearly $1 billion and operates close to 500 MW.
Despite the acquisition news, the company’s stock value declined. According to Yahoo Finance data, CLSK was trading down approximately 2%, at $9.19 as of press time.
Bitcoin production
This acquisition comes shortly after CleanSpark announced it had mined 478 BTC in August and increased its operational hashrate by 1.4 EH/s. The firm stated that it held 7,558 BT as of Aug. 31.
It added:
Mentioned in this article
Latest Alpha Market Report
Source link
The post Cleanspark’s $27.5M expansion to boost Bitcoin mining power by 22% appeared first on Panther AI.
Continue reading...