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CleanSpark Inc., a major bitcoin mining company, has announced its plans to acquire two turnkey bitcoin mining complexes in Dalton, Georgia for $9.3 million in an all-cash deal. These facilities are expected to contribute approximately 1 exahash per second (EH/s) to CleanSpark’s hash rate, thereby increasing its mining capabilities. The acquisition is in line 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, the purchase of CleanSpark will allow a host of more than 6,000 of the latest and most energy-efficient bitcoin mining machines, specifically the Antminer S19 XP and S19J Pro+S, to be ordered. and for which full payment was made. earlier in the year.
“This acquisition ensures that we have sufficient infrastructure to reach our year-end goal of 16 EH/s. On an energy-per-hashrate basis, this will allow us to achieve the highest level of performance,” said Zach Bradford, CEO of CleanSpark. power efficient miners.” “These two additional sites are testament to our deep relationships with rural communities in Georgia and the regional expertise we are developing into a large, flexible load. Importantly, our efforts are generating economic growth for the suburban and rural areas where our operations are located.
CleanSpark CFO Gary A. Vechiarelli highlighted the financial impact of the acquisition, saying it would be immediately beneficial to the company. “Importantly, this acquisition is fully paid for from our existing cash reserves and we expect it to begin driving revenue to our bottom line almost immediately,” Vecchierelli said.
The company’s purchase comes as bitcoin inches closer to the halving in 2024, in which miners will see a 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 decline unless they increase their mining efficiency or the price of bitcoin increases significantly. Companies can control one of those aspects, and it looks like CleanSpark is exercising that control.
