CleanSpark Acquires Seven Bitcoin Mining Farms in Tennessee, Boosting Hashrate by 22%

CleanSpark recently announced that it has entered into a deal to acquire seven Bitcoin mining farms in Tennessee. The deal will add 22% hashrate to CleanSpark

CleanSpark has announced an agreement to acquire seven Bitcoin mining farms in Tennessee, boosting its hashrate by 22%.

The deal will add 85 MW of immediately available capacity to CleanSpark's footprint in the state, with the total power of all seven sites reaching 85 MW.

Equipped with Bitmain S21 ASIC miners, the facilities are expected to contribute an additional 5 EH/s to CleanSpark's hashrate.

This acquisition follows CleanSpark's recent purchase of GRIID Infrastructure's Tennessee facilities, aligning with the company's strategy of growth through targeted infrastructure investments.

CleanSpark aims to achieve a total hash rate of 37 EH/s by the end of 2024, while procuring input materials at a low and fixed price to enhance productivity at a reduced cost.

In Georgia, CleanSpark has invested nearly $1 billion, operating nearly 500 MW and energizing its fourth campus in Dalton, adding 50 MW to the Sandersville facility.

During August 2024, CleanSpark mined 478 Bitcoin with an overall fleet efficiency of 22%, operating at an efficiency of 7 watts per terahash (W/Th) and an average hashrate output of 21.3 EH/s.

Beyond Tennessee and Georgia, CleanSpark is engaged in several projects, including constructing a 30 MW immersion-cooled facility in Wyoming and negotiating power purchase agreements for an additional 75 MW in the state.

As CleanSpark expands, the broader Bitcoin mining industry faces challenges due to the rising mining difficulty, which hit a new high of 92.67 trillion on September 11.

This increase adds to the difficulty for miners to obtain rewards for their efforts, potentially putting financial pressure on mining companies, especially those already operating with reduced profits following the Bitcoin halving in April, which saw block rewards decrease from 6.25 BTC to 3.125 BTC.

Despite these challenges, CleanSpark maintains a positive outlook on its prospects and ability to navigate obstacles. The company's acquisition strategy and investment in the best hardware position it for long-term success.

Some miners are exploring additional services, such as providing computing power to companies developing artificial intelligence (AI), while others are seeking new technologies, like fractal Bitcoin, to generate other sources of revenue. However, CleanSpark remains primarily focused on the Bitcoin mining space.

As CleanSpark integrates its new Tennessee facilities, the company aims to showcase the positive impact of Bitcoin mining on communities and power grids.

While some previous operators in the region faced criticism for noise pollution and tax non-compliance, CleanSpark intends to address such concerns given its community-oriented approach.

The company has a history of giving back to communities and plans to continue this practice in Tennessee.

CleanSpark's continuous growth in capacity and hashrate demonstrates its effective operational expansion. With the acquisition of new mining hardware and plans to enlarge sites, the company is set to meet its goal of reaching 37 EH/s before the year's end.

In the current challenging Bitcoin mining landscape, CleanSpark's agility and delivery of operational excellence provide it with a competitive edge. Among Bitcoin mining companies, CleanSpark ranks fourth in market capitalization.

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