CleanSpark to Acquire Seven Bitcoin Mining Facilities in Tennessee for $27.5M
Tanzeel Akhtar has been covering the cryptocurrency and blockchain sector since 2015. She has written for the Wall Street Journal, Bloomberg, CoinDesk and Bitcoin Magazine.
Bitcoin mining firm CleanSpark Inc. said it has agreed to acquire seven Bitcoin mining facilities and land in the Knoxville, Tennessee area for $27.5 million.
In an announcement, CleanSpark said the acquisition aligns with its overarching strategy to expand its mining operations in regions with favourable political and energy environments.
Tennessee, with similarities to Georgia, is where the company has made substantial investments, is being seen as an ideal location for this latest expansion.
CleanSpark said it plans on completing the acquisition of each site on or before September 25, this year.
Following the completion of the acquisition the seven facilities combined will add a total capacity of 85 megawatts (MW), with individual sites ranging in size from 10 MW to 20 MW. This new infrastructure is expected to boost CleanSpark’s mining capabilities.
The company projects that the hash rate from the acquired facilities will reach 5 exahashes per second (EH/s) once the latest generation S21 Pro miners are installed.
This increase would mean more than a 22 percent boost to CleanSpark’s current mining capacity. The S21 Pro miners, which are already on-site, will be installed promptly after the acquisition is finalized, allowing for an immediate enhancement in the company’s hash rate.
CleanSpark went on to add it has been steadily growing its mining capacity throughout 2024, and this acquisition marks another milestone in its expansion.
The firm’s CEO Zach Bradford said that the company recently hit 23 EH/s, due to the energization of its Dalton 4 campus last
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