-CleanSpark expands bitcoin mining in Tennessee despite the growing complexity of mining, increasing competition and the challenges of falling markets.
CleanSpark, a low-carbon #bitcoin #mining company, is expanding its business by acquiring 7 new properties in East Tennessee for £2,750 million. This strategic move is aimed at improving efficiency and consolidating operations as the mining industry faces significant headwinds.
September 11, CleanSpark announced the purchase of 7 operating mining operations in East Tennessee, which were attracted to the region by its low-emission hydroelectric infrastructure. The company's decision to expand its operations in Tennessee coincides with its commitment to sustainable bitcoin mining, which is based primarily on renewable energy.
the company says these acquisitions were carefully planned to take advantage of falling market prices for mining infrastructure. Following the acquisition, CleanSpark will use the s21pro #miner to perform a series of upgrades that will increase hashing speeds by more than 22%. The move is part of CleanSpark's long-term strategy to expand its business and remain competitive in the marketplace.
CEO Zach Bradford said that these capabilities will help CleanSpark reach its 2024 goal by the end of '37. He emphasized that the timely procurement of servers and data center equipment has allowed the company to obtain competitive pricing for these new facilities.
East Tennessee has become an attractive hub for bitcoin miners in recent years due to cheap land, favorable regulation, and an extensive network of hydroelectric power plants maintained by the Tennessee Valley Authority (TVA). This clean energy infrastructure has made large-scale bitcoin mining possible in the region, especially for companies like CleanSpark that prioritize low-emission mining.
Bradford compared the political and energy environment in Tennessee to that of Georgia, where CleanSpark has already invested heavily in mining infrastructure.
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