Summary:
CleanSpark to acquire 7 Bitcoin mining facilities for $27.5 million.
Expected increase in hashrate by 5 EH/s, boosting total to 37 EH/s by end of 2024.
Acquisition adds 85 MW of power, enhancing operational capabilities.
CEO Zach Bradford emphasizes community benefits and responsible mining.
CleanSpark operates primarily on low-carbon power, promoting sustainability.
CleanSpark Expands Its Bitcoin Mining Operations
CleanSpark Inc. (Nasdaq: CLSK), known as America's Bitcoin Miner®, has announced a significant acquisition that will enhance its mining capabilities. The company is set to acquire seven Bitcoin mining facilities in the Knoxville, Tennessee area for a total cash payment of $27.5 million, which translates to approximately $324,000 per megawatt. This move is part of CleanSpark's strategy to secure high-quality infrastructure at competitive valuations.
Key Details of the Acquisition
- The acquisition is expected to close by September 25, 2024.
- Once the latest generation S21 pro miners are installed, the combined facilities will yield an increased operating hashrate of 5 exahashes per second (EH/s), a boost of over 22% to CleanSpark's current hashrate.
- The new sites will add 85 MW of power, with individual site sizes ranging from 10 MW to 20 MW.
CEO Insights
Zach Bradford, CEO of CleanSpark, expressed enthusiasm about the expansion, stating:
"With the energization of our Dalton 4 campus last week, we've already surpassed 23 EH/s and expect further growth this week with the energization of 50 MW of S21 pros in Sandersville. With this additional 5 EH/s, we now anticipate reaching 37 EH/s by the end of 2024."
He further highlighted the similarity between Tennessee's political and energy environment and that of Georgia, where CleanSpark has invested nearly $1 billion in infrastructure. Bradford emphasized the company's commitment to applying a community-oriented strategy in Tennessee, showcasing how Bitcoin can benefit local power grids and communities.
About CleanSpark
CleanSpark is dedicated to responsible Bitcoin mining, primarily utilizing low-carbon power for its operations. The company aims to foster trust and transparency with both its employees and the communities it serves. For more information, visit CleanSpark's website.
Forward-Looking Statements
This announcement includes forward-looking statements regarding the company's expectations and plans, which are subject to various risks and uncertainties. CleanSpark provides detailed information about these risks in its filings with the Securities and Exchange Commission (SEC).
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