CleanSpark Acquires Two Bitcoin Mining Campuses for $9.3M Investment

CleanSpark Acquires Two Bitcoin Mining Sites for $9.3 Million

CleanSpark, a crypto mining company, is continuing its ambitious expansion in the U.S. by purchasing two Bitcoin (BTC) mining sites for a total of $9.3 million in cash.

CleanSpark recently declared a definitive agreement to purchase two Bitcoin mining campuses in Dalton, Georgia that are already set up and ready to use. This type of mining, referred to as turnkey Bitcoin mining, involves purchasing a pre-assembled, configured, and optimized Bitcoin mining rig to be utilized on mining farms.

The facilities will accommodate more than 6,000 Antminer S19 XPs and S19J Pro+s, which are expected to contribute approximately 1 exahash per second (EH/s) to CleanSpark’s hashrate after the transaction is complete. According to Zach Bradford, Chief Executive Officer of CleanSpark, the newly acquired infrastructure will enable the firm to reach its goal of 16EH/s by the end of the year.

Following a number of acquisitions by CleanSpark in recent months, despite the bear market causing a decline in BTC mining profitability, the company has made a purchase. In April, it was revealed that CleanSpark had bought 45,000 Antminer S19 XP rigs for $144.9 million, which is anticipated to increase its mining power by 6.4 EH/s.

In February, CleanSpark acquired 20,000 Antminer S19j Pro+ units for $43.6 million, which is projected to bring 2.44 EH/s to its computing power. Shortly prior to this, the company declared a $16-million enlargement of its Georgia facility with 15,000 new rigs.

CleanSpark Prepares for Upcoming Bitcoin Halving

Despite the continuing growth of Bitcoin, the profitability of mining it has decreased to $0.066 per TH/s per day, a far cry from the $0.40 peak it saw in June 2019, according to Hashrate Index.

CleanSpark is anticipating that their fast-growing fleet will be in an advantageous position for the upcoming Bitcoin halving, which is projected to take place between April and May 2024. This halving will reduce Bitcoin block rewards to 3.125 BTC.

Bitcoin’s value has historically increased after halvings due to a reduction in the supply of the cryptocurrency while demand has stayed steady. Gary Vecchiarelli, CleanSpark’s CFO, commented, “We are taking advantage of the market conditions to prepare for the bitcoin halving next year.”

The magazine states that Bitcoin is heading towards the goal of achieving “Net Zero” promises.