U.S.-listed bitcoin mining company CleanSpark announced on Wednesday that it will acquire seven bitcoin mining facilities and related land in the Knoxville, Tennessee, area for a total cash payment of $27.5 million. The company expects to complete transactions for each mine by September 25.
According to the press release, once the latest generation S21 Pro miners are installed, the mining facilities are expected to have a combined operating hash rate of 5 EH/s, which will increase CleanSpark’s current hashrate by more than 22%. The mining equipment required for this expansion will be installed as soon as the transaction is completed at each site, with individual mine sizes ranging from 10 MW to 20 MW.
CleanSpark CEO Zach Bradford said that with the additional 5 EH/s expected to start being put into hashing in the coming weeks, the company expects to reach 37 EH/s of computing power by the end of 2024.
Brokerage firm Bernstein recently gave CleanSpark stock (CLSK) an "outperform" rating, calling it one of the three largest Bitcoin miners, along with MARA (formerly Marathon Digital) and Core Scientific. In terms of operational and energy efficiency, Bernstein said CleanSpark is "in the sweet spot for energy efficiency and achieved compute power/uptime."
CleanSpark said last week that it mined 478 BTC in August, increasing total operating power by 1.4 EH/s. As of August 31, the company’s total Bitcoin holdings were 7,558, worth approximately $439 million based on the price at press time of $58,150.
In addition, CleanSpark’s competitor MARA continues to adopt its “comprehensive HODL” strategy. The company stated on the social platform that its Bitcoin holdings have reached 26,200, worth approximately US$1.52 billion. According to an operating report released last week, MARA held 25,945 BTC as of August 31, which represents an increase of 255 BTC in the past two weeks or so.
Acquiring#bitcoinis a marathon, not a sprint. pic.twitter.com/ZYuf1tq6cH
— MARA (@MarathonDH) September 12, 2024
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