CleanSpark Expands with Seven New Mining Facilities

CleanSpark has recently acquired seven established Bitcoin mining facilities in East Tennessee, aiming to consolidate its operations in the region.

This move, which involves a total investment of $27.5 million, comes as the company plans to shut down and upgrade these sites by the end of the month.

The upgrades will include the implementation of S21 pro miners, which are expected to boost the company’s hashrate by over 22%, potentially reaching 37 EH/s by the end of 2024.

East Tennessee has become a hub for Bitcoin mining due to its affordable land, favorable regulations, and substantial hydroelectric power infrastructure provided by the Tennessee Valley Authority. CleanSpark’s decision to invest in this area aligns with its commitment to low-carbon mining practices.

However, CleanSpark faces challenges in the current mining environment. Bitcoin’s mining difficulty has reached record highs, which, coupled with recent price declines, may impact profitability.

This situation, compounded by CleanSpark’s declining stock valuation and the broader economic downturn, poses significant hurdles for the company as it expands its operations.