CleanSpark, a Bitcoin miner, acquires four mining facilities to double its hash rate

CleanSpark Acquires Four Mining Facilities to Double Hash Rate

Bitcoin mining company CleanSpark has announced the acquisition of four new mining facilities, including three in Mississippi and one in Dalton, Georgia. The acquisitions will enable CleanSpark to double its hash rate in the first half of 2024, according to a press release from the company. The three sites in Mississippi were purchased for $19.8 million in cash, while the Dalton facility required an initial payment of $3.4 million with an additional $3.5 million investment planned for completion by April.

Boosting Hash Rate

CleanSpark expects that these acquisitions, along with its upcoming Sandersville expansion, will greatly increase its operating hash rate. The company anticipates adding six EH/s through the expansion, which will bring its total hash rate to 20 EH/s by the first half of 2024. CleanSpark CEO Zachary Bradford stated that the move into Mississippi is part of their strategy to grow operations and diversify their data center portfolio.

Preparing for Bitcoin Halving

The acquisitions were also aimed at positioning CleanSpark for the upcoming Bitcoin halving event scheduled for late April. This event will reduce the mining reward for a Bitcoin from 6.25 BTC to 3.125 BTC. By improving operational efficiencies and doubling their hash rate, CleanSpark aims to prepare for this significant event in the Bitcoin mining industry.

Hot Take: CleanSpark Expands Operations to Boost Hash Rate Ahead of Halving

CleanSpark’s recent acquisition of four mining facilities demonstrates their commitment to expanding operations and increasing their hash rate in preparation for the upcoming Bitcoin halving event. By doubling their hash rate through these acquisitions and the Sandersville expansion, CleanSpark is positioning itself strategically in the mining industry. This move allows them to capitalize on the expected decrease in mining rewards and improve their operational efficiencies. CleanSpark’s focus on diversifying its data center portfolio and growing its presence in southeastern power markets further strengthens their position as a key player in the Bitcoin mining sector.