CleanSpark buys two Bitcoin ( $81,017.00 ) mining campuses for $9.3M

Crypto mining firm CleanSpark is moving forward with its aggressive infrastructure expansion in the United States by acquiring two Bitcoin ( $81,017.00 ) (BTC) mining facilities in a $9.3 million cash deal. 

According to a June 21 announcement, CleanSpark entered into a definitive agreement to purchase two turnkey Bitcoin ( $81,017.00 ) mining campuses in Dalton, Georgia. In turnkey Bitcoin ( $81,017.00 ) mining, users can buy an assembled, configured, and optimized Bitcoin ( $81,017.00 ) mining rig to use on mining farms.

The facilities will host over 6,000 Antminer S19 XPs and S19J Pro+s, which are expected to add about 1 exahash per second (EH/s) to CleanSpark’s hashrate after the deal. According to Zach Bradford, CEO of CleanSpark, the newly acquired infrastructure will enable the company to reach its target of 16EH/s by the end of the year.

The purchase follows several acquisitions by CleanSpark in recent months, despite a slump in BTC mining profitability during the bear market. In April, the company announced the purchase of 45,000 Antminer S19 XP rigs for $144.9 million, which is expected to add 6.4 EH/s of mining power.

In February, CleanSpark added 20,000 new Antminer S19j Pro+ units to its portfolio for $43.6 million, expected to bring 2.44 EH/s to its computing power. A few weeks earlier, the company announced a $16-million expansion at its Georgia facility with 15,000 new rigs.

The ongoing expansion overlooks the declining profitability of Bitcoin ( $81,017.00 ) mining, which has dropped to $0.066 per TH/s per day at the time of writing, down from its $0.40 peak in June 2019, according to data from Hashrate Index.

With the fast-paced fleet expansion, CleanSpark anticipates being well-positioned for next year’s Bitcoin ( $81,017.00 ) halving, expected between April and May 2024. The next halving will reduce Bitcoin ( $81,017.00 ) block rewards to 3.125 BTC.

Bitcoin ( $81,017.00 ) ’s price has historically spiked post-halvings thanks to a cut in the cryptocurrency’s supply as demand remained steady. “We continue to make use of opportunities created by current market conditions to prepare for next year’s Bitcoin ( $81,017.00 ) halving,” CleanSpark CFO Gary Vecchiarelli said.

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