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Sunday, March 19, 2023

Bitcoin miner CleanSpark expands operations in Georgia

Bitcoin (BTC) miner CleanSpark is increasing operations within the state of Georgia, including to its mining capability regardless of the continuing bear market. 

Groundbreaking on a brand new 50-megawatt Bitcoin mining facility in Washington, Georgia, is underway, with anticipated completion in late spring, CleanSpark disclosed on Jan. 19. The almost $16 million growth is predicted to extend the corporate’s hashrate by 2.2 exahashes per second, with complete hashrate reaching as excessive as 8.7 EH/s.

The expanded facility will host as much as 16,000 miners, together with newly added Antminer S19j Pro and Antminer S19 XP fashions.

“This second phase more than doubles the size of the existing operations,” mentioned CEO Zach Bradford.

CleanSpark bought its Georgia website in August earlier than buying native mining facility Mawson Infrastructure Group the next month for $33 million. At the time, the corporate mentioned it deliberate to assist a mining fleet of as much as 70,000 models in 2023.

CleanSpark acquired approval to commerce publicly on the Nasdaq inventory change in early 2020. The following yr, the corporate raised $200 million in capital by way of an fairness providing.

Like different publicly-traded Bitcoin miners, shares of CleanSpark (CLSK) have declined sharply over the previous yr. Source: TradingView.

With the worth of Bitcoin plunging greater than 76% peak-to-trough, miners have been compelled to rethink their enterprise methods to outlive in the long run. One of the trade’s largest gamers, Core Scientific, filed for Chapter 11 chapter in December. Mining outfit Greenridge, in the meantime, acquired a $74 million lifeline simply to remain afloat.

Related: Crypto miner explains how Bitcoin mining stabilizes grids

Some miners have thrived throughout the bear market by decreasing power prices and avoiding extreme leverage. In October, CleanSpark’s govt chairman Matthew Shultz advised Cointelegraph that “Bitcoin mining is a potential solution for creating more opportunities for energy development.”