Thu. Nov 21st, 2024

CleanSpark Inc., a prominent Bitcoin mining company, has announced its plans to acquire two turnkey bitcoin mining campuses in Dalton, Georgia, for $9.3 million in an all-cash deal. The facilities are expected to contribute nearly 1 exahash per second (EH/s) to CleanSpark’s hash rate, boosting its mining capabilities. The acquisition aligns with the company’s goal of reaching 16 EH/s by the end of the year.

According to a press release shared with Bitcoin Magazine, CleanSpark’s purchase will allow for the hosting of over 6,000 of the latest and most power-efficient bitcoin mining machines, specifically the Antminer S19 XPs and S19J Pro+s, that were ordered and fully paid for earlier in the year.

“This acquisition ensures that we have more than enough infrastructure to reach our year-end target of 16 EH/s. It also continues to position us as one of the most power-efficient miners on an energy-per-hashrate basis,” said Zach Bradford, CEO of CleanSpark. “These two additional sites are testament to our deepening ties with rural communities in Georgia and the regional expertise we are developing there as a large, flexible load. Importantly, our efforts are generating economic growth for the suburban and rural areas where our operations are located.”

Gary A. Vecchiarelli, CFO of CleanSpark, highlighted the financial impact of the acquisition, stating that it will be immediately beneficial to the company. “Importantly, this acquisition is fully paid for from our existing cash reserves and we expect it to almost immediately start driving revenue to our bottom line,” Vecchiarelli said.

The company’s purchase comes as Bitcoin inches closer to the halving in 2024, in which miners will see the bitcoin reward for their efforts cut in half. If a company relies heavily on newly minted bitcoin as a source of income, their revenue will decrease unless they increase their mining efficiency or the price of bitcoin rises significantly. Companies can control one of those aspects, and CleanSpark is seemingly exercising that control.