CleanSpark Expands Bitcoin Mining Operations with $27.5M Facility Acquisition
CleanSpark, a leading U.S.-based cryptocurrency miner, has announced the acquisition of seven mining facilities in the Knoxville, Tennessee area. The $27.5 million cash deal, set to close by September 25, is expected to increase CleanSpark's hashrate by an impressive 22%.
The facilities, purchased from Exponential Digital, boast a combined capacity of 85 megawatts (MW), with individual sites ranging from 10 MW to 20 MW. Once equipped with Bitmain S21 pro-application-specific integrated circuit (ASIC) miners, these new assets are projected to contribute 5 exahashes per second (EH/s) to CleanSpark's mining operations.
CleanSpark CEO Zach Bradford expressed optimism about the acquisition, stating, "With this additional 5 EH/s expected to begin hashing over the coming weeks, we now expect to achieve 37 EH/s before the end of 2024."
This expansion aligns with CleanSpark's commitment to demonstrating how Bitcoin mining can benefit local power grids and communities.
The Knoxville acquisition is just one part of CleanSpark's aggressive growth strategy. In June, the company reached an agreement to purchase GRIID Infrastructure in an all-stock transaction valued at $155 million, further expanding its presence in Tennessee. This deal is expected to close this month.
CleanSpark has also been active in Georgia, recently powering up its fourth campus in Dalton and adding 50 MW of capacity to its Sandersville facility. The company has invested nearly $1 billion in capital and now operates 500 MW of capacity in Georgia alone.
The miner's performance has been robust, with 478 Bitcoin mined in August and an average hash rate of 21.3 EH/s for the month. As of August, CleanSpark held 7,558 BTC, having sold just 2.5 BTC at an average price of $56,729.
