The United States Bitcoin miner CleanSpark has reached an agreement to purchase seven cryptocurrency mining facilities and their associated land in the Knoxville, Tennessee, area. The new acquisitions will boost CleanSpark’s hashrate by 22%.
Deal Details
According to a trade publication, CleanSpark is purchasing the new facilities from Exponential Digital for $27.5 million in cash and expects the deal to close by Sept. 25. The seven facilities have capacities ranging from 10 megawatts (MW) to 20 MW, for a total of 85 MW. They will provide 5 exahashes per second (EH/s) when equipped with Bitmain S21 ASIC miners.
Previous Deals and Expansion
In June, CleanSpark reached an agreement to purchase GRIID Infrastructure, acquiring its Tennessee facilities for $155 million. Earlier this September, the company also powered up the fourth campus at its Dalton, Georgia, facilities and added 50 MW of capacity to its Sandersville, Georgia, facility.
Current Operations and Future
In August, CleanSpark mined 478 Bitcoin (BTC), selling 2.5 BTC at an average price of $56,729, leaving it with 7,558 BTC. Its average hashrate in August was 21.3 EH/s. At the end of the second quarter of 2024, CleanSpark was the second-largest Bitcoin miner by market cap.
CleanSpark's new acquisitions and expansions demonstrate the company's ongoing growth and ambition to increase its market share in Bitcoin mining. Despite criticisms regarding Exponential Digital's operations in Tennessee, CleanSpark continues to develop its activities, focusing on efficient energy use and benefiting local communities.
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