CleanSpark, a Bitcoin mining company, has successfully launched the second phase of its mining campus in Washington, Georgia. With an investment of nearly $55 million, including construction, infrastructure, and machines, the company has achieved a mining capacity of 8 exahashes per second (EH/s), reaching halfway towards its year-end target of 16 EH/s.
The facility, acquired in August 2022 for $25.1 million, initially housed 15,000 mining machines with a power capacity of 50 megawatts (MW). Following the expansion, CleanSpark now boasts a total power capacity of 86 MW, thanks to an additional 50 MW of new power. The collaboration between CleanSpark and the city officials has also led to significant economic benefits, resulting in the city’s annual budget increasing from $16 million to over $30 million.
Despite the current bear market conditions, CleanSpark continues its aggressive expansion plan. In recent months, the company acquired Bitcoin mining facilities in Dalton, Georgia, which will accommodate 6,000 Antminer S19 XPs and S19J Pro+s, contributing approximately 1 EH/s to its hash rate. Georgia’s predominantly nuclear power supply and status as a net power exporter make it an attractive location for CleanSpark’s operations.
CleanSpark has strategically invested over $150 million in building its computer power infrastructure in recent months. The company implemented a strategy to sell Bitcoin between the $40,000 and $60,000 range instead of investing in high-value rigs, reallocating the funds into more efficient infrastructure.
Looking ahead to the next Bitcoin halving, CleanSpark has updated its strategy and increased the amount of Bitcoin it holds. The company’s CEO, Zach Bradford, also hinted at potential mergers and acquisitions (M&A) opportunities in 2024, as he anticipates struggling facilities or industry peers seeking partnerships. CleanSpark aims to capitalize on these opportunities by acquiring empty facilities and deploying state-of-the-art miners for quick returns.
CleanSpark’s expansion in Georgia marks a significant milestone in its pursuit of increased Bitcoin mining capacity. The company’s strategic investments and forward-thinking approach position it well for future growth and potential M&A opportunities within the Bitcoin mining industry.