Cleanspark Expands Bitcoin Operations With Acquisition of Georgia Facilities in All-Cash Deal

Cleanspark, a publicly listed bitcoin miner, has announced that it has entered into definitive agreements to acquire two turnkey bitcoin facilities in Dalton, Georgia. The deal will be an all-cash payment of $9.3 million and is expected to increase Cleanspark’s current operations by just under 1 exahash per second (EH/s).

Cleanspark Secures Georgia Bitcoin Facilities

Cleanspark (Nasdaq: CLSK) announced on Wednesday that it has entered into definitive agreements to acquire two turnkey bitcoin mining campuses. The facilities, situated in Dalton, Georgia, are expected to accommodate 6,000 Antminer S19 XPs and S19J Pro+s, according to Cleanspark.

Cleanspark revealed that it has expanded its operations this year by acquiring a total of 77,500 application-specific integrated circuit (ASIC) mining rigs since February of last year. “This acquisition ensures that we have more than enough infrastructure to reach our year-end target of 16 EH/s,” Zach Bradford, the CEO of Cleanspark stated on Wednesday. “It also continues to position us as one of the most power-efficient miners on an energy-per-hashrate basis.”

The publicly listed bitcoin miner asserts that 90% of its energy mix is derived from low-carbon energy sources. Similar to other bitcoin mining companies listed on the stock exchange, Cleanspark’s shares rose on June 21, 2023, increasing by 10% against the U.S. dollar at 11:30 a.m. Eastern Time. “We continue to make use of opportunities created by current market conditions to prepare for next year’s bitcoin halving,” Gary A. Vecchiarelli, the CFO at Cleanspark, added during the announcement.

While many bitcoin miners faced difficulties during the crypto winter of 2022, the situation has been quite different for operators in 2023. The price of bitcoin has surged significantly since then, after hitting a low of $16,565 per unit on December 31, 2022, and advancements in next-generation machinery have greatly enhanced the hashrate. Currently, one of the main challenges for miners is the highly intricate mining difficulty, which is anticipated to increase once again on June 27, 2023.

What do you think about Cleanspark’s acquisition of the bitcoin mining facilities in Georgia? Share your thoughts and opinions about this subject in the comments section below.

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