Follow us on:

cc_icon

Post: CleanSpark Inc. Doubles Hash Rate with New Mining Facilities in Mississippi and Georgia

CleanSpark Inc. Doubles Hash Rate with New Mining Facilities in Mississippi and Georgia

Key Points:

  • CleanSpark Inc. plans to double its hash rate in the first half of 2024.
  • The company purchased three mining facilities in Mississippi for $19.8 million.
  • These facilities will produce an immediate hash rate of 2.4 exahashes/second (EH/s).
  • CleanSpark also agreed to buy a mining facility in Georgia for $6.9 million, which will produce 0.8 EH/s.
  • The Georgia facility is currently under construction and will be ready by April 2024.
  • CleanSpark’s stock saw a 12% gain following the announcement.

Elaboration:

CleanSpark Inc. is expanding its mining operations by purchasing four new mining facilities. The company has acquired three facilities in Mississippi for $19.8 million, which will immediately add a hash rate of 2.4 exahashes/second (EH/s) to its mining capacity.

In addition to the Mississippi facilities, CleanSpark has also agreed to purchase a mining facility in Georgia for $6.9 million. However, this facility is still under construction and is expected to be operational by April 2024. Once completed, it will contribute an additional 0.8 EH/s to CleanSpark’s hash rate.

Following the announcement of these acquisitions, CleanSpark’s shares experienced a 12% increase in value.

Hot Take:

CleanSpark’s decision to expand its mining operations and double its hash rate is a strategic move to capitalize on the impending halving of Bitcoin’s mining rewards. By increasing their mining capacity, CleanSpark aims to maximize their profits in the face of reduced mining rewards. This expansion also demonstrates their confidence in the future of Bitcoin and the potential for increased profitability in the mining industry.

Recent Posts
Social Media
Twitter
Email
Telegram
Facebook
Offers
CheekyCrypto Membership Platform
Hardware Wallets
Bitget
Swissborg
Plutus Card