CleanSpark Expands Bitcoin Mining Operations with Acquisition of Four New Facilities
Date: 2024-02-07 Author: Dima Zakharov Categories: BUSINESS
Expanding Operations
CleanSpark, a prominent player in the Bitcoin mining industry, has revealed plans to expand its operations with the acquisition of four new mining facilities. The announcement, made on February 6th, signifies a strategic move by the company to strengthen its presence in the market.
Acquisition Details
The company has finalized agreements to acquire three turnkey mining facilities in Mississippi. With these acquisitions, CleanSpark aims to diversify its geographical footprint and leverage its proven expertise in new operational environments. The total cash deal for these three facilities amounts to $19.8 million and is expected to be completed within 21 days. Once finalized, the combined hash rate of the Mississippi facilities will reach 2.4 EH/s (exahashes per second).
Additionally, CleanSpark has disclosed plans to acquire a newly constructed mining facility in Dalton, Georgia. This transaction involves an initial cash payment of $3.4 million, with further investments of $3.5 million planned. The company anticipates completing and commissioning the project by April 2024, targeting a hash rate of 2.4 EH/s across all Dalton branches, with each facility contributing 0.8 EH/s.
Strategic Expansion
CleanSpark aims to significantly increase its overall hash rate with these acquisitions, targeting a fivefold expansion to reach 20 EH/s. The company had previously announced agreements to acquire thousands of Bitcoin mining machines, including Antminer S21 units. This initiative, with an initial purchase of 60,000 devices totaling $193.2 million, allows for the potential acquisition of an additional 100,000 units. CleanSpark anticipates achieving a total hash rate of 50 EH/s with these acquisitions.
Market Performance
The news of CleanSpark's expansion has positively impacted its stock performance, with shares (CLSK) rising by 12.11% on February 6th, outpacing competitors in the cryptocurrency mining sector. Riot Platforms (RIOT) saw a 4.55% increase, while Marathon Digital (MARA) experienced a 2.52% rise during the same period.
