March 27, 2024
CleanSpark Expands Bitcoin Mining, Doubles Hash Rate Ahead of Halving
Bitcoin Halving

CleanSpark Expands Bitcoin Mining, Doubles Hash Rate Ahead of Halving

CleanSpark revealed on February 6th its acquisition of three Bitcoin mining facilities in Mississippi for a combined $19.8 million, instantly boosting its current hash rate by 2.4 exahashes per second (EH/s) upon finalization of the deal. Additionally, the company secured a facility in Dalton, Georgia, for $6.9 million, expected to contribute an additional 0.8 EH/s once operational. This Georgian facility, currently under construction, is slated to be up and running by April 2024.

The company also emphasized the imminent energization of its Sandersville expansion, set to further bolster its hash rate by six EH/s. These advancements are projected to double CleanSpark’s operating hash rate from 10 EH/s to an impressive 20 EH/s in the first half of 2024.

The timing of these acquisitions is crucial, preceding the Bitcoin halving event, which reduces the mining reward and impacts miners’ profitability. Scheduled for late April, this event will decrease the mining reward from 6.25 BTC to 3.125 BTC.

Zach Bradford, CleanSpark’s CEO, remarked on the acquisitions, stating that they “enhance our operating efficiencies as we prepare for the halving.” Following the announcement, CleanSpark’s shares surged by a notable 12%, reflecting investor confidence in the company’s growth strategy.

Significantly, competitors Marathon Digital Holdings and Riot Platforms also witnessed share price increases, indicating a positive market response to CleanSpark’s expansion. Despite a 20% year-to-date decrease in share price, CleanSpark’s aggressive expansion and strategic investments have positioned it favorably within the competitive Bitcoin mining industry.

Previously, CleanSpark had unveiled plans to acquire up to 160,000 next-generation Bitcoin miners to significantly boost its mining capacity. Additionally, Bradford outlined the company’s strategy to establish its own trading desk in 2024 during an interview with Bloomberg. This initiative aims to optimize profitability from their substantial Bitcoin holdings, marking a significant step in CleanSpark’s expansion and operational efficiency within the cryptocurrency mining sector.

Image by Reto Scheiwiller from Pixabay

Related posts

Bitcoin Halving Forecast: $50,000 Surge Ahead, Analyst Highlights Key Correction Levels

Henry Clarke

Bitcoin Faces Pre-Halving Correction as BTC Falls Below $62K

Christian Green

Bullish Trends for 2024 Investments and Bitcoin’s Halving

Robert Paul

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More