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Cleanspark Expands Bitcoin Mining Operations to Mississippi With $19.8 Million Acquisition

7 February 2024
cleanspark expands bitcoin mining operations to mississippi with 198 million acquisition

Cleanspark, a publicly traded bitcoin mining entity, has announced its expansion into Mississippi through the acquisition of three fully operational bitcoin mining sites in the region. The company has also secured a site in Dalton, Georgia, which is currently under construction. With this expansion, Cleanspark aims to significantly increase its mining capabilities, contributing approximately 2.4 exahash per second (EH/s) from the Mississippi locations alone. Additionally, the Dalton facility, once activated, is expected to add an additional 0.8 EH/s to the company’s operations. With these expansions and new acquisitions, Cleanspark aims to surpass 20 EH/s by the first half of 2024. The CEO of Cleanspark expressed enthusiasm about the expansion, emphasizing the improved operational efficiencies and strengthened ties in the community. This strategic move corresponds with Cleanspark’s recent agreement with Bitmain, solidifying its competitive position in the bitcoin mining industry.

Nasdaq Traded Bitcoin Miner Cleanspark Expands Footprint

Cleanspark, a publicly traded bitcoin mining entity, has announced its plans to expand its operational footprint with the acquisition of bitcoin mining facilities in Mississippi and the development of a facility in Dalton, Georgia. This strategic expansion is expected to increase Cleanspark’s mining capacity and further solidify its presence in the bitcoin mining industry.

Cleanspark Expands Bitcoin Mining Operations to Mississippi With $19.8 Million Acquisition

Cleanspark’s Acquisition of Bitcoin Mining Facilities in Mississippi

Cleanspark has recently completed a purchase agreement for three fully equipped bitcoin mining facilities in Mississippi, with a total investment of $19.8 million in cash. These facilities are already fully operational and are expected to contribute approximately 2.4 exahash per second (EH/s) to Cleanspark’s overall mining capabilities. This acquisition marks a significant expansion for the company and demonstrates its commitment to growing its mining operations.

Expansion Plans in Dalton, Georgia

In addition to the acquisition in Mississippi, Cleanspark has also secured a site in Dalton, Georgia for the development of another bitcoin mining facility. This facility is currently under construction and is projected to contribute an additional 0.8 EH/s to Cleanspark’s mining operations upon activation. The company sees great potential in Dalton and views this expansion as an opportunity to strengthen its presence in the region.

Expected Mining Capacity Increase in Dalton

With the expansion of its existing mining campus in Dalton, Cleanspark aims to achieve a combined capacity of 2.4 EH/s once all the facilities are fully operational. This significant increase in mining capacity reflects Cleanspark’s commitment to growing its operations and positioning itself as a key player in the bitcoin mining industry. The company expects to surpass 20 EH/s by the first half of 2024, thanks to the forthcoming activation of its Sandersville location, recent expansions, and new acquisitions.

CEO Zach Bradford’s Comments

Zach Bradford, the CEO of Cleanspark, expressed his excitement about the company’s expansion into Mississippi and the acquisition in Dalton. He sees these developments as opportunities to strengthen ties with the local communities and improve operating efficiencies. Bradford also highlighted the potential for significant growth in Dalton, stating that Cleanspark expects to nearly triple its hashrate in the area with minimal increases to operating costs. These comments demonstrate the company’s confidence in its expansion strategy and its commitment to maximizing its operational capabilities.

Strategic Partnership with Bitmain

Cleanspark’s expansion efforts are further supported by its strategic partnership with Bitmain, a leading manufacturer of bitcoin mining equipment. In an agreement with Bitmain, Cleanspark is set to purchase 160,000 S21 Antminer-brand bitcoin miners. This substantial acquisition positions Cleanspark competitively among other mining corporations that have also secured large numbers of bitcoin miners from Bitmain, Microbt, and Canaan. The partnership with Bitmain strengthens Cleanspark’s mining capabilities and ensures it has the necessary equipment to support its expansion plans.

Financial Market Reaction to the Announcement

The announcement of Cleanspark’s expansion and strategic partnership with Bitmain has had a positive impact on the company’s financial market performance. Cleanspark’s shares (CLSK) experienced a 7.67% rise within a day and a 2.33% increase over the past five days. However, it is worth noting that CLSK shares have seen a 21.4% decline over the last 30 days, indicating some volatility in the market. Nevertheless, the overall market reaction to the expansion news has been largely positive, reflecting investor confidence in Cleanspark’s growth potential.

Cleanspark’s Overall Performance

Cleanspark’s expansion efforts and strategic partnerships are indicative of the company’s overall performance and its commitment to becoming a major player in the bitcoin mining industry. With the acquisition of fully operational mining facilities in Mississippi and the development of a facility in Dalton, Cleanspark is poised to significantly increase its mining capacity and generate greater revenue. The company’s expansion strategy aligns with its long-term goals and positions it for continued success in the evolving landscape of cryptocurrency mining.

Community Reactions and Opinions

The expansion news from Cleanspark has generated excitement within the cryptocurrency community. Many view the company’s plans as a positive development for the industry, signaling continued growth and investment in bitcoin mining operations. The community recognizes the significance of Cleanspark’s acquisitions and strategic partnerships and believes they will contribute to the overall stability and advancement of the bitcoin mining sector. As Cleanspark continues to expand its operations, it will be interesting to see how the community’s opinions and reactions evolve.

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