CleanSpark Doubles Hash Rate with Acquisition of Four New Mining Facilities

CleanSpark Completes Acquisitions of Four Mining Facilities in Mississippi and Georgia.

Bitcoin mining company CleanSpark has recently acquired four mining facilities, a move that is expected to double its hash rate.

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Brian Yue Last updated: February 7, 2024 13:19 EST | 1 min read

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CleanSpark, a leading Bitcoin miner, has made a major move to expand its operations. In a press release on February 6, the company announced its acquisition of four new mining facilities, three in Mississippi and one in Dalton, Georgia. 🚀💸

With this strategic acquisition, CleanSpark is set to double its hash rate in the first half of 2024, as stated in the release. This development positions CleanSpark to be a major player in the mining industry. 💪🔥

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New Mining Facilities

CleanSpark has agreed to purchase three “turnkey” sites in Mississippi for $19.8 million in cash. The transaction is expected to close within 21 days. These sites are projected to contribute to approximately 14% of CleanSpark’s revenue in the near term. 🏭💰

“Turnkey sites” refers to properties or projects that are ready for use or operation upon purchase. By acquiring these sites, CleanSpark can immediately leverage them for its mining operations. 💼💡

The company is also in the process of acquiring a facility in Dalton, Georgia. The initial cash payment for this facility is $3.4 million, with an additional investment of $3.5 million planned to finalize the project by April. This acquisition will expand CleanSpark’s presence in Dalton, bringing the total number of sites in the area to three. 🏢🌆

Boosting Hash Rate

CleanSpark anticipates that the acquisitions, combined with its forthcoming Sandersville expansion, will significantly boost its operating hash rate. The Sandersville expansion is expected to add six EH/s to CleanSpark’s hash rate. As a result, the company aims to double its hash rate from 10 EH/s to 20 EH/s by the first half of 2024. This exponential growth positions CleanSpark at the forefront of the mining industry. ⛏️💥

CleanSpark CEO, Zachary Bradford, shared his perspective on the expansion, stating, “Our move into Mississippi is all about growing our operations and diversifying our data center portfolio in a measured way. Our operations in Georgia have given us significant experience in southeastern power markets. Mississippi is in the same electric reliability region, so we see a lot of synergies there.” The strategic approach ensures smooth operations and maximizes efficiency. 🌐🔌

Preparing for Bitcoin Halving Event

CleanSpark’s acquisitions are also designed to strategically position the company for the anticipated Bitcoin halving event scheduled for late April. During this event, the mining reward for a Bitcoin is expected to decrease from 6.25 BTC to 3.125 BTC. By improving operating efficiencies and increasing hash rate, CleanSpark can optimize its performance during this critical event in the mining industry. ✂️🪓

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Q&A Content:

Q: How will CleanSpark’s acquisitions impact its revenue?

A: The three turnkey sites in Mississippi are projected to contribute to approximately 14% of CleanSpark’s revenue in the near term.

Q: What is the significance of the Bitcoin halving event?

A: The Bitcoin halving event refers to a reduction in the mining reward for a Bitcoin. It is scheduled for late April, and the reward is expected to decrease from 6.25 BTC to 3.125 BTC. This event has a direct impact on the mining industry and requires mining companies to optimize their operations and hash rate.

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CleanSpark’s acquisition of four new mining facilities is a significant step towards expanding its operations and achieving remarkable growth in the mining industry. By doubling its hash rate, CleanSpark solidifies its position as a key player in the Bitcoin mining ecosystem. The strategic acquisitions not only contribute to revenue growth but also ensure operational efficiency in preparation for the Bitcoin halving event. With a clear vision for the future, CleanSpark is positioned for continued success. 💥💰

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Reference List:

• CleanSpark Twitter Announcement
• SEC Chair Gary Gensler Tells CNBC Commission Taking New Look Spot Bitcoin ETFs
• CleanSpark Prepares for Bitcoin Halving – Google News

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