CleanSpark expands mining operations with Tennessee acquisitions
CleanSpark, a major Bitcoin (CRYPTO:BTC) mining company in the United States, has announced the acquisition of seven cryptocurrency mining facilities in Knoxville, Tennessee.
This purchase will boost the company’s mining capacity by 22%, enhancing its overall hashrate significantly.
CleanSpark is buying the sites from Exponential Digital for $27.5 million in cash, and the transaction is expected to close by September 25.
These newly acquired facilities range in capacity from 10 to 20 megawatts (MW), totaling 85 MW.
Once fully equipped with Bitmain S21 ASIC miners, they are projected to provide 5 exahashes per second (EH/s).
“With this additional 5 EH/s expected to begin hashing over the coming weeks, we now expect to achieve 37 EH/s before the end of 2024,” stated CleanSpark CEO Zach Bradford.
The timing of the ASIC miners' purchase was strategic, allowing CleanSpark to secure them at lower prices.
The installations at the new sites will occur promptly, supporting the company’s expansion plans.
Bradford emphasized that CleanSpark would continue to demonstrate how Bitcoin mining could benefit local power grids and communities.
Despite this, Exponential Digital’s previous Tennessee operations faced criticism for noise and minimal contributions to the local tax base.
This acquisition follows CleanSpark's purchase of GRIID Infrastructure's Tennessee facilities in June for $155 million in an all-stock deal, which is set to close this month.
Additionally, CleanSpark recently expanded its operations at its Dalton and Sandersville, Georgia, facilities, increasing its overall capacity to 500 MW.
In August alone, CleanSpark mined 478 BTC and sold 2.5 BTC at an average price of $56,729, retaining a total of 7,558 BTC.
At the close of Q2 2024, the company ranked as the second-largest Bitcoin miner by market cap.
At press time, the Bitcoin (BTC) price is $57,684.11.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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