CleanSpark Expands Bitcoin Mining Portfolio with Acquisition of Four New Facilities
CleanSpark, a leading Bitcoin mining firm, has announced plans to acquire four new mining facilities in an effort to increase its geographic diversity and expand its operations. The company has entered into definitive agreements to acquire three turnkey facilities in Mississippi and one facility under construction in Dalton, Georgia.
Mississippi Facilities to Boost CleanSpark’s Hashrate
The acquisition of the three Mississippi facilities, which involves a $19.8 million cash deal, is expected to be completed within 21 days. Once the deal is closed, the combined hashrate of the facilities will reach 2.4 EH/s (exahashes per second). This move will significantly contribute to CleanSpark’s total hashrate of 10 EH/s across its various locations.
Expansion in Georgia on the Horizon
CleanSpark’s acquisition plans also include a mining facility in Dalton, Georgia. The company will make an initial cash payment of $3.4 million for the acquisition, with an additional $3.5 million investment planned. The Dalton facility is expected to be completed and operational by April 2024, adding another 0.8 EH/s to CleanSpark’s growing hashrate.
CleanSpark Targets Fivefold Increase in Hashrate
With its recent expansions, CleanSpark aims to achieve a total hashrate of 20 EH/s, representing a fivefold increase from its current capacity. The company previously announced its agreement to obtain several thousand Antminer S21 Bitcoin mining machines, positioning itself for significant growth in the industry.
Stock Performance: CleanSpark Outperforms Competitors
CleanSpark’s stock (CLSK) has shown impressive performance, with a 12.11% increase on Feb. 6, surpassing its rival crypto mining firms. This success has outperformed Riot Platforms (RIOT), which experienced a 4.55% increase, and Marathon Digital (MARA), which saw a 2.52% increase on the same day.
CleanSpark’s strategic acquisitions and expansion plans are expected to position the company as a major player in the Bitcoin mining industry. With a focus on both increasing hashpower and diversifying its geographic presence, the company is well-positioned for future growth and success.
Analyst comment
Positive news.
As an analyst, I expect CleanSpark’s acquisition of four new mining facilities to boost its market share and increase its total hashrate to 20 EH/s. This strategic move, along with the company’s impressive stock performance, positions CleanSpark for significant growth and success in the Bitcoin mining industry.
