CleanSpark set to increase hash rate twofold through acquisition of new mining facilities in anticipation of Bitcoin halving.
Bitcoin mining firm CleanSpark has expanded its operations by acquiring four new mining facilities, increasing its hashing power ahead of the anticipated Bitcoin halving event in April 2024. The company purchased three Bitcoin mining facilities in Mississippi for $19.8 million, instantly adding 2.4 exahashes per second (EH/s) to its current hash rate. It also acquired a facility in Dalton, Georgia, for $6.9 million, which is expected to contribute an additional 0.8 EH/s upon completion in April 2024. CleanSpark also highlighted the upcoming energization of its Sandersville expansion, which will further enhance its hash rate by six EH/s, doubling its operating hash rate to 20 EH/s by the first half of 2024. The acquisitions are strategically timed ahead of the Bitcoin halving event, which reduces mining rewards. CleanSpark’s CEO, Zach Bradford, commented that the acquisitions improve operating efficiencies in preparation for the halving. Following the announcement, CleanSpark’s shares increased by 12%, indicating investor confidence. Competitors Marathon Digital Holdings and Riot Platforms also saw increases in share prices, reflecting a positive market response to CleanSpark’s expansion. CleanSpark has previously announced plans to acquire up to 160,000 next-generation Bitcoin miners to increase mining capacity and aims to establish its own trading desk in 2024 to optimize profitability from its Bitcoin holdings.
