CleanSpark, a Bitcoin miner located in Nevada, has just signed a new contract to double its mining capacity and extend into Texas.
CleanSpark, a Nevada-based software and Bitcoin mining firm, has signed a deal with Lancium, a Texas-based energy company, to add up to 500 megawatts (MW) of mining power to its operations.
The mining business, which trades on Nasdaq under the symbol CLSK, aims to complete 50 MW of its Texas expansion by the end of this year and another 150 MW by spring 2023.
The deal allows for the addition of additional 300 MW, although no specific dates for when this electricity will be deployed have been set.
CleanSpark's mining capacity will ultimately reach 20 exahash per second (EH/s) or 20 million terahash per second (TH/s) as a result of the expansion into Texas, which involves adding M20,000 Bitmain S19 mining rigs to its existing 22,000 miners.
EH/s is a unit of measurement for the amount of compute power utilized in a blockchain network. For example, the total hashrate of the Bitcoin network is presently 203.9 million TH/s (or 203.9 EH/s).
CleanSpark's growth represents a ten-fold increase in capacity since February, although it still still accounts for a small percentage of the Bitcoin network's mining activity.
"This decision is consistent with our philosophy of prioritizing infrastructure. While partnering with colocation service providers, we continue to expand capacity at our own Bitcoin mining facilities "CleanSpark CEO Zach Bradford stated. "By using a hybrid strategy, we can assure that we always have rackspace available to install new machines as soon as they arrive from the manufacturers."
The firm also has two mining operations in Georgia and is based at the Coinmint plant in Massena, New York, which was once an Alcoa aluminum smelter. With its expansion into Texas, it joins a growing number of crypto mining companies that have set up shop in the state.
Governor Greg Abbott of Texas has made luring more Bitcoin businesses a key element of his reelection campaign. He's looking for more than simply miners.