- CleanSpark continues its strategic expansion in the bitcoin mining industry.
- The company has recently acquired additional mining sites in Mississippi, further strengthening its operations.
- CEO Zach Bradford highlights the company’s significant growth trajectory and its future targets for operational capacity.
CleanSpark’s latest acquisitions emphasize the company’s commitment to expanding its bitcoin mining capabilities, enhancing shareholder value, and achieving new operational milestones.
CleanSpark Acquires New Bitcoin Mining Sites in Mississippi
CleanSpark recently announced the acquisition of two new bitcoin mining sites in Clinton, Mississippi, alongside the associated land. This strategic purchase, valued at $5.775 million, adds a total of 16.5 megawatts to CleanSpark’s capacity. The sites, expected to be operational by December 1, will house S21 pro miners with a combined hash rate of approximately 1 exahash per second (EH/s). This expansion brings CleanSpark’s data center portfolio in Mississippi to a robust 60.5 megawatts.
CEO Zach Bradford’s Insights on Growth
Discussing the recent growth, CEO Zach Bradford remarked, “Including today’s announcement, our operational capacity has soared over the last seven days totaling 211.5 MW of new capacity. That’s an increase of nearly 38%.” Bradford also noted that these expansions are pivotal to CleanSpark’s ambition to achieve 37 EH/s by the end of 2024 and 50 EH/s by 2025. This rapid growth highlights the company’s dedication to long-term shareholder value and its aggressive expansion strategy in the cryptocurrency space.
Recent Acquisition in Tennessee
Just days prior to the Mississippi announcement, CleanSpark revealed its acquisition of seven mining facilities in Knoxville, Tennessee, for $27.5 million. This acquisition price averages out to approximately $324,000 per megawatt, reflecting the significant investment CleanSpark is making to bolster its infrastructure.
Market Reception and Analyst Ratings
Following these announcements, CleanSpark’s stock (ticker: CLSK) saw a slight uptick, trading at $9.16 per share. Despite a 15.6% decline year-to-date, the stock was recently rated as “outperform” by Bernstein. The firm’s position as one of the top three bitcoin producers, along with MARA and Core Scientific, underpins this positive outlook.
Conclusion
CleanSpark’s recent acquisitions in Mississippi and Tennessee signify a strategic push to expand its bitcoin mining footprint. With an eye on achieving substantial growth in hash rate and operational capacity, CleanSpark continues to position itself as a dominant force in the cryptocurrency mining space. Investors and stakeholders will be closely monitoring the company’s progress towards its ambitious targets for 2024 and beyond.
