CleanSpark adds hashrate with $9.3M acquisition of Georgia mining campuses CleanSpark adds hashrate with $9.3M acquisition of Georgia mining campuses
CleanSpark said the mining facilities would house over 6,000 Antminer S19 XPs and S19J Pro+s machines.
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Updated: Jun. 21, 2023 at 5:16 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Bitcoin (BTC) miner CleanSpark has entered into a “definitive agreement” to acquire two turnkey BTC mining campuses in Dalton, Georgia, for $9.3 million in cash, according to a June 21 statement.
CleanSpark noted that this would add under one exahash per second (EH/s) to its hashrate when the deal is closed.
The miner stated that the new facilities would host over 6,000 Antminer S19 XPs and S19J Pro+s that were ordered and fully paid for earlier in the year.
CleanSpark CEO Zach Bradford pointed out that the acquisitions align with the miner’s year-end target of 16 EH/s. Bradford said:
“[The] acquisition ensures that we have more than enough infrastructure to reach our year-end target of 16 EH/s. It also continues to position us as one of the most power-efficient miners on an energy-per-hashrate basis.”
The firm’s CFO, Gary A. Vecchiarelli, said the facilities were “fully paid for from our existing cash reserves, and we expect it to almost immediately start driving revenue to our bottom line.” Vecchiarelli further noted that the acquisition helps the company to “prepare for next year’s bitcoin halving.”
Meanwhile, the Bitcoin miner has made several big purchases since the beginning of the year, including purchasing 12,500 Bitcoin mining rigs for $40.5 million in early June.
According to Google Finance data, CleanSpark’s CLSK stock is up 10% on Nasdaq and trades at $4.86.
The stock performance reflects the general positive sentiments around the crypto industry that have seen Bitcoin’s value soar above $29,500, according to CryptoSlate’s data.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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CleanSpark
CleanSpark (NASDAQ: CLSK) is a sustainable bitcoin mining and energy technology company that is incorporated in Nevada.