CleanSpark moves ahead with 50-megawatt expansion at recently acquired site

Bitcoin miner CleanSpark is moving forward with the expansion of its recently acquired site in Georgia, charging ahead even as the mining industry reels from months of tough economic conditions. 

The company said it broke ground on construction in Washington, Georgia, that will see capacity rise to 86 megawatts from 36. 

“When we purchased the Washington site in August, we were confident about our ability to quickly expand, adding this 50MW to the existing 36MW of infrastructure,” CEO Zach Bradford said in a statement.

It will have no shortage of machines to fill the racks with, having acquired over 26,500 units during this bear market at discounted prices. ASIC prices fell more than 80% throughout 2022.

The expansion will add between 1.6-2.2 EH/s to CleanSpark’s hash rate, which is currently at around 6.2 EH/s, according to its December update. Its end-of-year guidance will remain at 16 EH/s after the company slashed the number from 22.4 EH/s due to delays from its partner Lancium.

CleanSpark acquired the site from bitcoin miner Waha Technologies for $16.2 million in August. A few weeks later, it bought another facility in Georgia from Mawson Infrastructure Group for $33 million.

Other public miners have recently had to sell assets in order to survive, with Argo Blockchain letting go of its flagship facility in Texas for $65 million and Greenidge Generation agreeing to sell a majority of its mining machines to lender NYDIG in an effort to pay down $74 million in debt

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.