CleanSpark Purchases 7 New Mining Facilities in East Tennessee, Consolidate Operations in a New Region
- WBOYOriginal
- 2024-09-12 18:08:11467browse
These investments come at a difficult time for Bitcoin miners. The company hopes to close some facilities before the end of the month to carry out upgrades
Bitcoin miner CleanSpark is adding seven new mining facilities in East Tennessee to its portfolio for a total of $27.5 million, aiming to increase its hashrate by 22%.
The facilities, which will be closed by the end of the month for upgrades, are part of an existing mining hub in the region, known for its low land prices, favorable mining regulations, and TVA's hydroelectric power grid, making large-scale Bitcoin mining feasible.
CleanSpark, which emphasizes low-emission operations, is drawn to East Tennessee's minimal coal-based power plants, complementing its strategy in Georgia, where the company has deployed almost $1 billion.
Despite CleanSpark's efforts to capitalize on lower asking prices, new data reveals record-high mining difficulty, posing concerns amidst Bitcoin's price drops.
Increased difficulty typically requires more energy and resources to mine new blocks, and if Bitcoin's price falls simultaneously, profitability for miners can be impacted.
Sustained high difficulty and low Bitcoin prices have prompted some miners to shut down operations, as noted by Jefferies in a research report, highlighting the challenges faced by the industry.
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