Thursday, June 20, 2024

Bitcoin miner CleanSpark expands operations in Georgia

Bitcoin (BTC) miner CleanSpark is expanding operations in the state of Georgia, adding to its mining capacity despite the ongoing bear market. 

Groundbreaking on a new 50-megawatt Bitcoin mining facility in the city of Washington, Georgia, is underway, with expected completion in late spring, CleanSpark disclosed on Jan. 19. The nearly $16 million expansion is expected to increase the company’s hash rate by 2.2 exahashes per second, with total hash rate reaching as high as 8.7 EH/s.

The expanded facility will host up to 16,000 miners, including newly added Antminer S19j Pro and Antminer S19 XP models.

“This second phase more than doubles the size of the existing operations,” said CEO Zach Bradford.

CleanSpark purchased its Georgia site in August before acquiring local mining facility Mawson Infrastructure Group the following month for $33 million. At the time, the company said it planned to support a mining fleet of up to 70,000 units in 2023.

CleanSpark received approval to trade publicly on the Nasdaq stock exchange in early 2020. The following year, the company raised $200 million in capital via an equity offering.

Like other publicly traded Bitcoin miners, shares of CleanSpark (CLSK) have declined sharply over the past year. Source: TradingView

With the price of Bitcoin plunging more than 76% peak-to-trough, miners have been forced to rethink their business strategies to survive in the long term. One of the industry’s biggest players, Core Scientific, filed for Chapter 11 bankruptcy in December. Mining outfit Greenridge, meanwhile, received a $74 million lifeline just to stay afloat.

Related: Crypto miner explains how Bitcoin mining stabilizes grids

Some miners have thrived during the bear market by reducing energy costs and avoiding excessive leverage. In October, CleanSpark executive chairman Matthew Shultz told Cointelegraph that “Bitcoin mining is a potential solution for creating more opportunities for energy development.”

Source Link

Share with your friends!

Products You May Like

Leave a Reply

Your email address will not be published. Required fields are marked *

Please enter CoinGecko Free Api Key to get this plugin works.

Get more stuff like this
in your inbox

Subscribe to our mailing list and get interesting stuff and updates to your email inbox.

x  Powerful Protection for WordPress, from Shield Security
This Site Is Protected By
Shield Security