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CleanSpark Inc., a major player in the Bitcoin mining industry, has revealed plans to increase its operational hash rate. The company aims to double its hash rate in anticipation of the upcoming Bitcoin halving event.
In light of this, the company revealed strategic acquisitions and expansion initiatives to enhance its mining capabilities and geographic reach.
Acquisitions of Bitcoin mining facilities
In a recent press release, CleanSpark revealed its agreements to purchase three turnkey Bitcoin mining facilities in Mississippi for a total cash payment of $19.8 million. These acquisitions, which are expected to be completed within 21 days, are expected to significantly increase the company's operational hash rate.
At closing, the combined Mississippi facilities are expected to contribute 2.4 EH/s (exahashes per second) to CleanSpark's mining operations.
The company plans to acquire a third mining facility under construction in Dalton, Georgia. With an initial cash payment of $3.4 million and an additional investment of $3.5 million to complete the project, this facility is expected to begin operations in April 2024 with an expected hash rate of 0.8 EH/ s.
The company is also expanding its existing Dalton campus, with plans to add an additional 0.8 EH/s to its current operational hash rate of 0.8 EH/s. Once all Dalton facilities are operating at full capacity, CleanSpark expects to achieve a total operational hash rate of 2.4 EH/s, increasing its mining capabilities.
These announcements follow CleanSpark's strategic agreement in January to purchase up to 160,000 S21 miners, paving the way for a hash rate of 50 EH/s.
CleanSpark CEO optimistic about expansion efforts
Zach Bradford, CEO of CleanSpark, said he is optimistic about the company's expansion efforts.
“I am pleased to announce our expansion into neighboring Mississippi and our new acquisition in Dalton, which will not only strengthen our ties in this vibrant community, but also improve our operational efficiencies as we prepare for the halving,” Bradford said.
With these developments, CleanSpark aims to exceed 20 EH/s in the first half of 2024, doubling its current operational hash rate of 10 EH/s. The company plans to finance the acquisitions with cash.
Bradford further highlighted CleanSpark's focus on geographic diversity and operational efficiency. “With the addition of Mississippi to our portfolio, we are gradually increasing our geographic diversity and plan to apply our proven track record of success in this exciting new operating environment,” he explained.
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