CleanSpark has announced plans to acquire seven Bitcoin mining facilities in Knoxville, Tennessee, for $27.5 million. The company expects to close the deal by September 25.
Deal Details
The purchase will add over 85 megawatts of available capacity, increasing CleanSpark’s hash rate by 5 exahashes per second, a 22% jump from its current capacity. The company has already surpassed 23 EH/s and aims to reach 37 EH/s by the end of 2024.
Analyst Thoughts
Analysts from H.C. Wainwright view CleanSpark’s acquisition of the seven Tennessee Bitcoin mining facilities as a strong strategic move, highlighting the company’s ability to source high-quality infrastructure at a favorable valuation. With this acquisition, CleanSpark can focus on integrating the latest S21 pro miners to maximize its output.
Company Plans
The company plans to use a community-oriented approach to expand operations in Tennessee. CEO Zach Bradford highlighted Tennessee’s favorable political and energy environment compared to Georgia, where CleanSpark operates 500 MW of facilities.
CleanSpark’s stock is currently trading at $9.30 per share, but analysts see this news as a buying opportunity and reiterated their “Buy” rating on CleanSpark, maintaining a $27 price target.
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