Cleanspark Inc. has announced plans to acquire seven bitcoin mining facilities located in Knoxville, Tennessee, in a deal valued at $27.5 million. This acquisition is expected to enhance the company’s mining capacity by 5 exahash per second (EH/s) by 2024, representing a 22% increase in its operational hashrate.
In a recent statement, Cleanspark (Nasdaq: CLSK) detailed that the new facilities will contribute over 85 megawatts (MW) of mining power, with each site ranging from 10 MW to 20 MW. The company aims to complete the acquisition of all seven locations by September 25, 2024.
Cleanspark CEO Zach Bradford commented on the acquisition, saying, “With the energization of our Dalton 4 campus last week, we’ve already surpassed 23 EH/s and expect more hashrate to come online this week from the energization of 50 MW of S21 Pros in Sandersville. With this additional 5 EH/s expected to begin hashing over the coming weeks, we now expect to achieve 37 EH/s before the end of 2024.”
Bradford highlighted that the acquisition, alongside the recent Griid acquisition and the company’s closing in Wyoming, signifies the ongoing execution of Cleanspark’s growth strategy. He noted that Tennessee offers a political and energy environment similar to Georgia, where the company has invested nearly $1 billion and operates nearly 500 MW of mining capacity.
The newly acquired facilities will leverage Cleanspark’s recent purchase of S21 Pro miners, further strengthening its mining network. In August, the company revealed it had acquired 26,000 units of Bitmain’s S21 XP immersion-cooled mining machines, positioning itself for increased production.
This acquisition comes at a time when miner revenues have significantly declined, and operators are facing pressure from low hash prices. Despite these challenges, Cleanspark remains committed to expanding its operations and enhancing its market position.
The company’s strategy reflects a turning points in the bitcoin mining industry, where firms are increasingly focused on optimizing their operations and expanding capacity to remain competitive amid fluctuating market conditions.
With Cleanspark expansion plans, the company aims to solidify its status as a leading player in the bitcoin mining sector, capitalizing on favorable market conditions and technological advancements to drive growth and profitability.
