CleanSpark Acquires Five Bitcoin Mining Facilities in Georgia for $25.8M

cryptonews.com:

CleanSpark Inc., a prominent player in the Bitcoin mining industry, took a major step in its expansion strategy by acquiring five new turnkey Bitcoin mining facilities in rural Georgia. The $25.8 million cash deal will enhance CleanSpark’s infrastructure, adding 60 megawatts (MW) of capacity and increasing the company’s operating hashrate.

The acquisition is expected to be crucial in achieving CleanSpark’s mid-year target of 20 exahashes per second (EH/s) of operating hashrate.

The $25.8 million deal for Bitcoin mining facilities by CleanSparks aligns with its broader strategic growth plans, aimed at scaling their operations efficiently and sustainably. The company expects the combined operating hashrate of these new facilities to exceed 3.7 EH/s upon the full installation of the latest generation of S21 Pro miners.

Today we announced the acquisition of 5 new #bitcoin mining sites in Georgia equivalent to 60 MW of infrastructure. The purchase is expected to close immediately and increase $CLSK's #hashrate by 3.7 EH/s upon full installation of already purchased S21 Pro miners.

"Our…

— CleanSpark Inc. (@CleanSpark_Inc) June 18, 2024

The newly acquired sites range in size from 8 MW to 15 MW, totaling 60 MW. These facilities include interruptible-load designated power purchase agreements (PPAs), allowing flexible energy usage based on local demand.

Load balancing is particularly valuable during periods of high demand, such as extreme weather conditions. The agreements cover the purchase of mining data centers and equipment at each site, excluding the miners, and include CleanSpark’s assumption of real property leases and power agreements.

Currently, CleanSpark operates approximately 300 MW of infrastructure in Georgia.