On Tuesday, bitcoin mining company CleanSpark announced that it has acquired a plug-in-ready bitcoin mining facility that is scalable to 86 megawatts (MW) of capacity. Currently, the newly opened site in Washington, Georgia has 36 MW, which is expected to give CleanSpark’s hashrate a 38% boost this quarter.
Publicly Listed Bitcoin Miner CleanSpark Expands Operations in Georgia
(Nasdaq: CLSK) revealed last month that it had acquired 1,061 bitcoin miners at a “discounted price,” after the company announced that it had acquired a new facility in Washington, the county seat of Wilkes County, Georgia. The new facility has the capacity to host up to 86 MW and CleanSpark purchased the facility for $16.2 million. The mining firm also purchased 3,400 Antminer S19 mining equipment for $8.9 million.
The Antminer rig is currently in operation with a hashpower of 340 petahash per second (PH/s). ,[Cleanspark] Tuesday’s announcement details. The site leverages low-carbon energy sources such as nuclear, explains CleanSpark’s announcement.
“We are excited to expand our footprint in Georgia,” Cleanspark CEO Zach Bradford said in a statement. The market has been preparing for consolidation all summer, and we are pleased to be on the acquisition side. Our focus on sustainability and maximizing value for our stakeholders has put us in a unique position to take advantage of the unprecedented opportunities created by the current market. Bradford continued:
We are particularly excited to be working with the citizens of Washington, GA, who are very welcoming to us. We look forward to maintaining and growing jobs and infrastructure at our new campus in Washington.
Shares of Cleanspark CLSK have seen a gain of 10.51 per cent during the last 30 days, but the one-year data shows that CLSK has lost 67.86 per cent. Several other publicly listed mining companies have seen stocks follow a similar downward trend as cryptocurrencies in the current bear market. For example, Marathon Digital Holdings (Nasdaq: MARA) reported that it posted negative Q2 results, but the company saw an increase in bitcoin production.
The price of bitcoin has hurt BTC mining revenue and the hash rate of the major crypto asset dropped by 1.7% in the second quarter compared to the first quarter. Despite the crypto winter, CleanSpark continues to expand, and when it received two bulk orders for discounted ASIC miners in July, Bradford highlighted that CleanSpark was seeing “unprecedented opportunities in this market.”
What do you think about CleanSpark, which is acquiring a facility in Washington, Georgia with a capacity of up to 86 MW and buying 3,400 Antminers? Tell us your thoughts about this topic in the comment section below.
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