Bitcoin miner CleanSpark is aggressively expanding its operations, aiming to double its hash rate in the first half of 2024.
Bitcoin miner CleanSpark is aggressively expanding its operations, aiming to double its hash rate in the first half of 2024. This proactive move anticipates the upcoming Bitcoin halving event, where mining rewards will be cut in half.
CleanSpark announced the acquisition of four new mining facilities on February 6th. Three Mississippi facilities, acquired for $19.8 million, will immediately contribute 2.4 exahashes per second (EH/s) to the company's hashrate. An additional Georgia facility, purchased for $6.9 million, is under construction and will add 0.8 EH/s by April 2024.
Combined with the previously announced Sandersville expansion adding 6 EH/s, CleanSpark expects its operating hash rate to surge from 10 EH/s to at least 20 EH/s in the first half of 2024. This expansion comes ahead of the April Bitcoin halving, where the reward for mining a Bitcoin will be halved from 6.25 BTC to 3.125 BTC.
"These acquisitions enhance our operational efficiency as we prepare for the halving," stated CleanSpark CEO Zach Bradford.
Following the announcement, CleanSpark's shares jumped 12%, closing at $8.70 on February 6th. This follows a recent announcement by the Bitcoin miner, which said it will be purchasing 60,000 Bitmain S21 miners, and potentially another 100,000 more.
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