CleanSpark Acquires 7 Tennessee Mining Facilities, Boosting Hashrate by 22%

Date: 2024-09-12 Author: Oliver Abernathy Categories: BUSINESS
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The company said the new acquisitions will boost CleanSpark’s hashrate by 22%.

According to an industry publication, CleanSpark is buying the new facilities from Exponential Digital. CleanSpark said it will pay $27.5 million in cash for the facilities and expects the deal to close by September 25.

Increase in Exahash Power

The seven facilities range in power from 10 to 20 megawatts (MW), for a total of 85 MW. Once equipped with Bitmain S21 pro-ASIC miners, they will be able to produce 5 exahashes per second (EH/s). CleanSpark CEO Zach Bradford said in a statement:

“With an expected 5 EH/s hashing in the coming weeks, we expect to reach 37 EH/s by the end of 2024.”

Bradford added that the ASIC purchases were made at an opportune time to capture low prices, and they will be installed at CleanSpark’s new sites “immediately.”

He also emphasized that CleanSpark will continue to demonstrate how Bitcoin can benefit local grids and the communities where its facilities are located. Exponential Digital’s Tennessee operations, however, have been criticized for their noise and lack of contribution to local tax revenue.

CleanSpark’s Continued Growth

In June, CleanSpark entered into an agreement to purchase GRIID Infrastructure, including its Tennessee facilities. The stock-based deal was valued at $155 million and is expected to close this month.

Additionally, in the first week of September, CleanSpark commissioned a fourth campus at its Dalton, Georgia facility and added 50 MW of capacity at its Sandersville, Georgia facility. The company has invested nearly $1 billion and operates 500 MW of capacity in Georgia.

In August, CleanSpark mined 478 bitcoins and sold 2.5 BTC at an average price of $56,729, keeping 7,558 BTC. The company's average hashrate in August was 21.3 EH/s. CleanSpark was the second-largest bitcoin mining company by market cap as of Q2 2024.
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