Cleanspark’s $27.5M expansion to boost Bitcoin mining power by 22%
Summary
CleanSpark will acquire seven Bitcoin mining sites in Tennessee for $27.5 million, with a combined power capacity of 85 megawatts (MW), equating to approximately $324,000 per MW. The acquisitions are expected to be finalized by September 25. The new sites will increase CleanSpark's total hash rate to 5 exahashes per second (EH/s), boosting its current hash rate by over 22%. CEO Zach Bradford anticipates reaching 37 EH/s by the end of 2024. CleanSpark mined 478 BTC in August and held 7,558 BTC as of August 31. The company sold 2.5 BTC in August at an average price of $56,729 per bitcoin. Despite the acquisition announcement, CleanSpark's stock fell approximately 2% to $9.19.
