CleanSpark acquires two turnkey mining campuses with over 6,000 machines, aiming to reach 16 EH/s by 2023.
CleanSpark, a Bitcoin mining company that uses low-carbon energy sources, announced on Wednesday that it had signed formal agreements to acquire two turnkey Bitcoin mining campuses in Dalton, Georgia, for $9.3 million in cash.
The deal is expected to close later this week and add nearly 1 exahash per second (EH/s) to CleanSpark’s hashrate.
Strengthening Ties with Rural Communities
CleanSpark CEO Zach Bradford said in a press release that the acquisition of the two additional sites reflects the company’s deepening ties with rural communities in Georgia and its regional expertise as a large, flexible load.
He added that the company’s efforts generate economic growth for the suburban and rural areas where its operations are located.
The two facilities will host over 6,000 Bitmain Antminer S19 XPs and S19J Pro+s and are estimated to contribute just under 1 EH/s to CleanSpark’s hashrate, according to the press release.
Bradford stated that acquiring these assets will ensure that CleanSpark has enough infrastructure to achieve its goal of 16 EH/s by the end of 2023.
In April, the company’s previous major acquisition was 45,000 new Bitmain Antminer S19 XPs for $144.9 million.
According to the press release, CleanSpark expects to receive all of these machines by the end of this year.
Mining with Low-Carbon Energy
CleanSpark mines Bitcoin using low-carbon energy sources that account for more than 90% of its energy mix, and it maintains a balanced capital management approach by selling a portion of its mined bitcoins to reinvest in growth.
The company exceeded its year-end forecast in 2022, doubling its hashrate and achieving one of its peers’ highest hashrate realization rates during the bearish crypto market, thanks to this approach and its patented mining algorithm.
Bitcoin is currently approaching the $30,000 level, bringing excitement to investors. However, the upcoming halving, which will reduce the blockchain reward while the operating costs remain the same, poses a challenge for Bitcoin miners.
CleanSpark is not the only company expanding its Bitcoin mining operations in Georgia.
In January, another Bitcoin miner, Bitfarms, announced that it had secured a 50-megawatt facility in Washington, Georgia, with plans to install over 15,000 new-generation miners.
