CleanSpark acquires five bitcoin mining facilities in Georgia for $25.8m

CleanSpark Inc. (Nasdaq: CLSK), known as America’s Bitcoin Miner, announced a major expansion with the acquisition of five turnkey bitcoin mining facilities in rural Georgia for $25.8 million. This purchase represents a crucial step in CleanSpark‘s strategic growth plan, aiming to significantly enhance its mining capacity and operational efficiency.

The acquisition is set to close immediately, with the combined facilities’ operational hashrate expected to exceed 3.7 exahashes per second (EH/s) once the latest generation S21 pro miners are fully installed. Zach Bradford, CEO of CleanSpark, emphasized the strategic importance of this expansion: “Our acquisition of these five new mining sites marks a significant milestone in our strategic growth plan and represents the leading edge of nearly one gigawatt of new opportunities being analyzed by our teams.”

The newly acquired sites range from 8 MW to 15 MW, totaling 60 MW, and feature interruptible-load designated power purchase agreements (PPAs). These agreements are part of CleanSpark’s strategy to not only enhance its mining operations but also support local energy grids. Bitcoin miners like CleanSpark can provide a unique benefit to local power grids by balancing the load, particularly during periods of high demand, thereby enhancing overall grid stability and efficiency.

With the addition of these sites, CleanSpark’s total infrastructure in Georgia will surpass 400 MW, marking a significant increase from its current capacity of 300 MW. The company also operates additional facilities in Mississippi, co-locates machines in upstate New York, and has announced locations in Wyoming, underscoring its commitment to expanding its operational footprint.

The acquisition by CleanSpark is strategically significant as it not only expands the company’s mining capacity but also integrates sustainable practices with local power grid management. This move is expected to enhance CleanSpark’s position in the competitive bitcoin mining industry, providing it with increased capacity to capitalize on the growing demand for cryptocurrency mining while supporting the stability and sustainability of local energy resources.