CleanSpark Inc., a prominent participant in the Bitcoin mining industry, has unveiled plans to increase its operating hash rate. The company aims to double its hash rate in preparation for the upcoming Bitcoin halving event.

In light of this, the firm has revealed strategic acquisitions and expansion initiatives to enhance its mining capabilities and geographic reach.

Bitcoin Mining Facility Acquisitions

In a recent press release, CleanSpark revealed its agreements to purchase three turnkey Bitcoin mining facilities in Mississippi for a total cash payment of $19.8 million. These acquisitions, expected to close within 21 days, are projected to increase the company’s operational hash rate substantially.

Upon closing, the combined facilities in Mississippi are anticipated to contribute 2.4 EH/s (exahashes per second) to CleanSpark’s mining operations.

The firm plans to acquire a third mining facility under construction in Dalton, GA. With an initial cash payment of $3.4 million and an additional investment of $3.5 million to complete the project, this facility is expected to start operations in April 2024 with an expected hash rate of 0.8 EH/s.

The company is also expanding its existing Dalton campus, with plans to add another 0.8 EH/s to its current operational hash rate of 0.8 EH/s. Once all facilities in Dalton are running at full capacity, CleanSpark anticipates achieving a total operating hash rate of 2.4 EH/s, further increasing its mining capabilities.

These announcements follow CleanSpark’s strategic agreement in January to purchase up to 160,000 S21 miners, paving the way for a hash rate of 50 EH/s.

CleanSpark CEO Optimistic Amid Expansion Efforts

Zach Bradford, CEO of CleanSpark, expressed optimism about the company’s expansion efforts.

“I’m pleased to announce our expansion into nearby Mississippi and for our newest acquisition in Dalton, which will not only strengthen our ties in this vibrant community but also improve our operating efficiencies as we prepare for the halving,” Bradford stated.

With these developments, CleanSpark aims to exceed 20 EH/s during the first half of 2024, doubling its current operational hash rate of 10 EH/s. The company plans to finance the acquisitions with cash.

Bradford further highlighted CleanSpark’s focus on geographic diversity and operational efficiency. “With the addition of Mississippi to our portfolio, we are gradually increasing our geographic diversity and expect to apply our proven track record of success in this new and exciting operating environment,” he explained.