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Home BUSINESS

CleanSpark Plans to Dominate Bitcoin Mining and Here is How

Michael Juanico by Michael Juanico
February 6, 2024
in BUSINESS, CRYPTO
Reading Time: 2 mins read
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  • CleanSpark is expanding its Bitcoin mining operations with the purchase of 3 facilities in Mississippi for $198 million in cash. The new facilities will nearly double the company’s mining capacity to 2.4 EH/s.
  • The Mississippi expansion adds geographic diversity to CleanSpark’s operations, currently headquartered in Utah. The company says the purchases will enable continued optimization of costs at scale.
  • The purchases position CleanSpark for future growth, as they have also secured agreements for up to 160,000 next-gen miners. This expansion comes ahead of the Bitcoin halving event in April 2023.

CleanSpark Inc, a Nasdaq-listed Bitcoin mining company, is expanding its mining operations ahead of the upcoming Bitcoin halving event expected in April 2023. The company recently signed agreements to purchase three mining facilities in Mississippi for $198 million in cash.

JUST IN: #Bitcoin miner CleanSpark purchased three facilities in Mississippi for $19.8 million

— BlockNews.com (@blocknewsdotcom) February 6, 2024

New Facilities to Nearly Double CleanSpark’s Mining Capacity

The new Mississippi facilities are expected to expand CleanSpark’s mining capacity by 2.4 exahashes per second (EH/s) once fully integrated. This will nearly double their current capacity of 1 EH/s.

An exahash is a measure of a mining machine’s processing power. As mining rewards decrease due to the halving, having more processing power increases a miner’s chances of earning transaction fees.

Expansion to Improve Geographic Diversity

Currently headquartered in Utah, the expansion into Mississippi will add geographic diversity to CleanSpark’s operations.

The company claims the purchases will enable continued optimization of costs at scale. The facilities complement CleanSpark’s existing presence in Georgia.

Purchases Position CleanSpark for Future Growth

CleanSpark also secured an agreement in January to acquire up to 160,000 next-generation bitcoin miners. The company sees a path to achieving over 50 EH/s in the future.

The recent purchases will be funded through existing cash holdings. CleanSpark appears to be strategically expanding in preparation for reduced mining rewards after the halving.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: BitcoinBitcoin mining companyCleanSpark Inccrypto
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Michael Juanico

Michael Juanico

Michael is a BSBA Management graduate from Mindanao State University and has been a professional content writer since 2019. He began exploring cryptocurrency in 2021 and has since made blockchain and digital assets his primary focus. For nearly four years, Michael has contributed research and editorial content at Aiur Labs and BlockNews, producing clear and accessible coverage of market trends, trading strategies, and project developments. He is transparent about his personal holdings in Bitcoin, TRON, and select meme tokens, combining writing expertise with hands-on market experience to deliver trustworthy insights to readers.

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