CleanSpark Doubles Down on Bitcoin Mining with $55M Expansion

  • Sergey Maga
  • 14 July, 2023 05:39
CleanSpark Doubles Down on Bitcoin Mining with $55M Expansion

CleanSpark, a bitcoin mining leader, has launched the second phase of its mining facility in Washington, Georgia. The company invested $55 million in construction, infrastructure, and machines. It now reaches a hash rate of 8.0 EH/s, halfway to its year-end target, according to cointelegraph.

Previously, the site had a capacity of 50 MW with 15,000 mining machines. Following the investment, CleanSpark has increased the power capacity to 86 MW. Matthew Schultz, CleanSpark’s executive chairman, confirmed the new developments during an investor’s conference.

Moreover, the company’s collaboration with Washington has doubled the city’s annual budget. By purchasing power at a cost-plus level from the city, CleanSpark boosted the budget from $16 million to $30 million. Schultz explained that the city has become their utility, fostering a win-win situation.

CleanSpark also expanded its operations to Dalton, Georgia, last month. There, it plans to install 6,000 Antminer S19 XPs and S19j Pro+s, aiming to add 1 EH/s to its hash rate. Schultz highlighted Georgia’s predominantly nuclear power as a beneficial factor.

The company has further invested $150 million in computing infrastructure over recent months. Instead of buying high-value rigs, CleanSpark sold bitcoin between the $40,000 and $60,000 range to fund the infrastructure investment.

Finally, CleanSpark’s strategy includes holding back more Bitcoin as the next halving approaches. Schultz believes that this move will pay dividends. Additionally, CEO Zach Bradford hinted at potential M&A opportunities post-halving, aiming to acquire underperforming facilities for quick returns.

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