CleanSpark Inc. (Nasdaq: CLSK), an institutional crypto investor, has announced its plans to acquire two bitcoin mining facilities located in Dalton, Georgia. The acquisition, which is set to close later this week, will be completed through a cash payment of $9.3 million and is expected to increase CleanSpark’s hashrate by just under 1 exahash per second (EH/s).
The two facilities will be hosting over 6,000 of the latest and most power-efficient bitcoin mining machines, the Antminer S19 XPs and S19J Pro+s. The machines were previously ordered and fully paid for by CleanSpark earlier this year.
According to Zach Bradford, the CEO of CleanSpark, this acquisition will allow the company to achieve its year-end target of 16 EH/s and establish itself as one of the most power-efficient miners in terms of energy-per-hashrate ratio. The acquisition also highlights CleanSpark’s commitment to fostering economic growth in rural communities and generating regional expertise in Georgia.
This acquisition is part of a series of strategic machine purchases made by CleanSpark since the crypto bear market began. Earlier this month, the company purchased 12,500 brand-new Antminer S19 XP machines at a discounted price. In February, CleanSpark acquired 20,000 Antminer S19j Pro+ units, and in April, it added 45,000 Antminer S19 XP units to its mining operations.
Gary A. Vecchiarelli, the CFO of CleanSpark, emphasized that this acquisition is fully funded by the company’s existing cash reserves and is expected to generate immediate revenue.
CleanSpark is known for mining bitcoin using predominantly low-carbon energy sources, accounting for over 90% of its energy mix. The company follows a balanced capital management strategy by reinvesting a portion of its mined bitcoins to support its growth. This approach, combined with its proprietary mining model, has allowed CleanSpark to exceed its year-end guidance in 2022 and achieve high hashrate realization rates compared to its peers.
CleanSpark (Nasdaq: CLSK) is recognized as America’s Bitcoin Miner™ and has a vision of achieving energy independence and sustainability. The company invests in low-carbon energy sources such as wind, solar, nuclear, and hydro to power its mining operations. CleanSpark has received accolades such as Forbes 2022 America’s Best Small Company and is listed as the 44th fastest-growing company in the Americas by the Financial Times.