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CleanSpark Invests $26M in 60MW Bitcoin Mining Sites

CleanSpark Invests $26M in 60MW Bitcoin Mining Sites

Jun 18, 2024
Bitcoin Mining

CleanSpark Invests $26M in 60MW Bitcoin Mining Sites

CleanSpark, a prominent U.S. bitcoin mining company, has further solidified its infrastructure footprint with the acquisition of five new mining sites in rural Georgia. Announced on June 18, 2024, the company has finalized agreements to purchase these sites for a total of $25.8 million, or approximately $430,000 per megawatt.

As reported by TheMinerMag, the acquisition encompasses five turnkey facilities, ranging from 8 MW to 15 MW, which together account for an additional 60 MW of mining capacity. These sites are equipped with load-interruptible power purchase agreements, allowing for load balancing with the local electric municipal cooperatives. CleanSpark plans to utilize these facilities to support the local power grids, particularly during periods of high demand.

Zach Bradford, CEO of CleanSpark, emphasized the significance of the deal, stating, "Our acquisition of these five new mining sites marks a significant milestone in our strategic growth plan." He further highlighted the anticipated operational growth, with the company's operating hashrate expected to exceed 20 EH/s by the end of the month after the installation of the Antminer S21 Pros. "This achievement underscores our commitment to scaling efficiently and sustainably," Bradford added.

The deal, which is set to close immediately, does not include the miners currently on each site but comprises the mining data centers, equipment, and the assumption of the underlying real property leases and power agreements.

CleanSpark's latest move comes after its recent expansion to Wyoming, despite the operational halt of MineOne's 75MW sites due to an emergency order from the Biden administration. This acquisition further cements CleanSpark's status as one of the largest public bitcoin mining firms in the U.S. by market cap and production, with the company operating approximately 300 MW in Georgia prior to this deal.

Upon the full energization of these new sites, along with the Sandersville location, CleanSpark's operations in Georgia will exceed 400 MW. The company also maintains infrastructure in Mississippi and co-locates machines in upstate New York.

CleanSpark Press Release

TheMinerMag Article


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