The market has remained unfavorable for miners and investors for a while because of the lower influx of capital. Despite bearishness, some mining companies have continued to expand their operational capacity. Cleanspark is one of those names that have continued to look for enhanced services. It has added a significant amount to its capacity and looks forward to enhancing it further.
It has opened a new site for mining purposes in Washington, Georgia. The mentioned site has a capacity of 36 MW, and it can be further expanded to 86 MW. As it has expanded its operational capacity, it will also significantly boost its hashrate. It is a plug-in-ready Bitcoin mining facility. As the institutional adoption of Bitcoin continues, it will help the company grow.
Here is a brief overview of Cleanspark’s expansion in its operational capacity and how it will benefit the company.
Cleanspark expands mining operations in Georgia
Cleanspark is a publicly listed Bitcoin mining company in Georgia that has seen considerable growth in its capacity. According to the available updates, it has acquired 1,061 Bitcoin miners at a discounted price. The facility is located in Washington, Wilkes County, Georgia. According to the official statement, the newly acquired facility has a capacity of about 86 MW. Cleanspark acquired it for $16.2 million, a discounted price compared to the market prices.
As per the press release from Cleanspark, it has also acquired 3,400 Antminer S19 rigs. The amount spent on the purchase of these rigs is about $8.9 million. The hash power for the Antminer rigs is about 340 Petahash per second (PH/s). It will already fill the space for the machines being paid for and those going to be acquired in the oncoming days.
The new facility will add the third one to the clean energy Bitcoin mining facility. The company said it plans to grow the facility’s infrastructure while also improving opportunities for jobs in this area. The acquired site uses low-carbon energy resources, such as nuclear, for Bitcoin mining.
Cleanspark and its expansion of services
As the new facility has been acquired, it will expand the company’s services and operate with an enhanced capacity. Zach Bradford, the CEO of Cleanspark, said they are excited to expand their footprint in Georgia. As the market has continued to work on consolidation, they are fortunate to be on the acquiring side, Mr. Bradford said. They have plans to focus on sustainability and maximizing the value of stakeholders’ investments in the company.
Cleanspark has seen a hike in its gains for the last 30 days. The available data shows that it has risen 10.54%, but the annual data shows losses. CLSK has lost 67.86% over the past one year. The new move is a step towards consolidation that will help it grow its value. The overall trend for various companies shows a downtrend because of the severe bearishness that the market faced.
As the price of Bitcoin has declined, it has also hurt mining revenue. The mentioned crypto asset’s hash rate slipped about 1.7% in the Q2 of 2022 if compared to the first quarter. The continuation of ordering ASIC miners has brought Cleanspark to an unprecedented position in the market.
Conclusion
Bitcoin mining company Cleanspark has announced that it has expanded its Bitcoin mining facility. It did so by acquiring an 86 MW facility in Washington, Georgia. The mentioned facility was acquired at a discounted rate. As Cleanspark has expanded its Bitcoin mining capacity, it will get leverage as the market rebounds. While it will also create job opportunities for the locals in the mentioned area.
