- 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.
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.