Bitcoin miner CleanSpark strikes deal to buy mining facilities

• The acquisition is a part of the firm’s aggressive infrastructure expansion in the U.S.
• CleanSpark’s shares rose 10% following the announcement.

Bitcoin miner CleanSpark announced on 21 June that it plans to acquire two mining facilities in a $9.3 million cash deal for its infrastructure expansion in the U.S

CleanSpark entered into a definitive agreement to buy two turnkey mining facilities in Dalton, Georgia.

Turnkey mining allows users to purchase a constructed, setup and optimized Bitcoin mining rig for use on mining farms.  Following the completion of the deal, the facilities will add around 1 EH/s to CleanSpark’s hash rate.

According to CleanSpark CEO Zach Bradford, the newly acquired infrastructure would allow the mining company to meet its target of 16 EH/s by the end of the year.

CleanSpark announced the purchase of 45,000 Antminer S19 XP rigs for $144.9 million in April, expected to add 6.4 EH/s of mining power.

The Bitcoin miner added 20,000 new Antminer S19j Pro+ units to its portfolio for $43.6 million in February, expected to bring an additional 2.44 EH/s to its computing power. In January, it also announced a $16 million expansion at its Georgia facility.

Bitcoin miners expanding operations as BTC recovers

The news comes as Bitcoin miner Iris Energy announced its plans earlier in the week to increase its hash rate capacity by 63% to 9.1 EH/s by early 2024.

In January, another Bitcoin miner Blockstream announced raising USD $125 million to expand its institutional mining colocation services.

As Bitcoin’s price is trying to recover from its post-FTX lows, many mining enterprises are expanding their operations. At press time, Bitcoin was trading at a little above the $30k-price mark, a surge of 20% over a week.

Meanwhile, Bitcoin mining profit stood at $0.077 per TH/s per day at press time. In June 2019, its profit stood at $0.40 — its all-time high (ATH).

CleanSpark expects to be well-positioned for next year’s Bitcoin halving, which is projected to take place between April and May 2024. Bitcoin block rewards will be reduced to 3.125 BTC in the next phase.

Source: CoinMarketCap

As the Cleanspark bitcoin miner made the announcement, its shares listed on Nasdaq reacted positively to the news. The shares stood at $4.78 when the market closed on 21 June.

Source: TradingView