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near a significant attempt to grow its bitcoin mining business, Cleanspark Inc. has revealed that it has acquired seven mining facilities near Knoxville, Tennessee. Cleanspark expects the $27.5 million acquisition to raise its overall mining capacity by 5 exahash per second (EH/s) by 2024, which represents a notable 22% increase in the company’s operating hashrate.
More than 85 megawatts (MW) of additional power will be produced by the new facilities, with each site providing between 10 and 20 MW. The deal is expected to close on September 25, 2024, as the business moves on with expanding its network.
Cleanspark CEO Zach Bradford expressed his enthusiasm about the recent developments, noting, “With the energization of our Dalton 4 campus last week, we’ve already surpassed 23 EH/s and expect more hashrate to come online this week from the energization of 50 MW of S21 pros in Sandersville.” He added, “This additional 5 EH/s expected to begin hashing over the coming weeks allows us to target 37 EH/s by the end of 2024.”
The CEO further added, “The Griid acquisition, our recent closing in Wyoming, and now this new transaction represents the continued execution of our growth strategy. Tennessee has a similar political and energy environment to Georgia, where we’ve deployed nearly $1B of capital and operate nearly 500 MW.”
The company’s expansion strategy is also bolstered by its purchase of Bitmain’s S21 XP immersion-cooled mining machines. In addition to the Tennessee acquisition, Cleanspark has recently closed a deal in Wyoming and completed the acquisition of Griid. These moves align with Cleanspark’s focus on strengthening its foothold in states with favorable energy and political environments, similar to its operations in Georgia.
This acquisition comes during a tough period for the bitcoin mining industry, with miner revenue experiencing a downturn due to low hashprice. Despite these challenges, Cleanspark continues to grow its mining infrastructure and position itself as a key player in the space.