Cryptocurrency mining company CleanSpark advances its aggressive infrastructure expansion in the United States with the acquisition of two Bitcoin mining facilities (BTC) in an operation of USD 9.3 million in cash.
According to an announcement of June 21, CleanSpark Reached Definitive Agreement to Purchase Two Turnkey Bitcoin Mining Campuses in Dalton, Georgia. In turnkey Bitcoin mining, users can purchase a Bitcoin mining rig that is assembled, configured, and optimized for use in mining farms.
The facility will house more than 6,000 Antminer S19 XP and S19J Pro+, which are expected to add around 1 exahash per second (EH/s) to CleanSpark’s hashrate following the deal. According to Zach Bradford, CEO of CleanSpark, the newly acquired infrastructure will allow the company to reach its 16EH/s goal by the end of the year.
The purchase follows several acquisitions made by CleanSpark in recent months, despite falling BTC mining profitability during the bear market. In April, the company announced the purchase of 45,000 Antminer S19 XP rigs for USD 144.9 million, which is expected to add 6.4 EH/s of mining power.
In February, CleanSpark added 20,000 new Antminer S19j Pro+ units to its portfolio for USD 43.6 million, which is expected to contribute 2.44 EH/s to its computing power. A few weeks earlier, the company advertisement a USD 16 million expansion at its Georgia facilities, with 15,000 new pieces of equipment.
The ongoing expansion overlooks the declining profitability of Bitcoin mining, which has fallen to $0.066 per TH/s per day at the time of writing, below its peak of $0.40 in June 2019, according to Hashrate Index data.
With the rapid expansion of the fleet, CleanSpark anticipates being well positioned for next year’s Bitcoin halving, scheduled for April-May 2024. The upcoming halving will reduce Bitcoin block rewards to 3,125 BTC.
Historically, The price of Bitcoin has risen after the halving thanks to a cut in the supply of the cryptocurrency, as the demand remained stable. “We continue to take advantage of the opportunities created by current market conditions to prepare for next year’s bitcoin halving,” said Gary Vecchiarelli, CleanSpark’s chief financial officer.
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