2024

Bitcoin

<p class="is-style-lead">CleanSpark has announced plans to acquire seven Bitcoin mining facilities in Knoxville, Tennessee, for $27.5 million.&nbsp;</p>
<p>The purchase will add over 85 megawatts of available capacity, and the company expects to close the deals by Sept. 25, <a href="https://www.prnewswire.com/news-releases/cleanspark-to-add-5-ehs-and-increase-2024-guidance-with-acquisition-of-seven-additional-bitcoin-mining-facilities-in-tennessee-302244673.html" target="_blank" rel="noopener noreferrer nofollow">according</a> to a press release.&nbsp;</p>
<p>This move will increase CleanSpark’s hash rate by 5 exahashes per second, a 22% jump from its current capacity. The company recently surpassed 23 EH/s and aims to reach 37 EH/s by the end of 2024.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Hopefully this news will Knox-ville your socks off. 🧦<br><br>We’ve entered into definitive agreements to acquire 7 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Bitcoin</a> mining facilities and certain associated land in the Knoxville, Tennessee, area with 85 MW of immediately available capacity, anticipated to add 5 EH/s to our… <a rel="noopener noreferrer nofollow" href="https://t.co/x5X71YJtkX" target="_blank">pic.twitter.com/x5X71YJtkX</a></p>— CleanSpark Inc. (@CleanSpark_Inc) <a href="https://twitter.com/CleanSpark_Inc/status/1833866770106442073?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">September 11, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<p>In August, CleanSpark <a rel="noopener noreferrer nofollow" href="https://crypto.news/cleanspark-finalizes-bitcoin-site-acquisition-despite-concerns/">acquired a Bitcoin mining site</a> in Wyoming despite national security concerns raised earlier in the year. The acquisition proceeded even after President Biden’s emergency order to halt operations at sites near sensitive military installations due to potential espionage risks.</p>
<p>You might also like: <a rel="noopener noreferrer nofollow" href="https://crypto.news/polymarket-user-bets-1-2m-on-harris-to-win-presidential-election/"> Polymarket user bets $1.2m on Harris to win presidential election&nbsp; </a></p>
<h2 class="wp-block-heading" id="analyst-thoughts">Analyst thoughts</h2>
<p>Analysts from H.C. Wainwright view CleanSpark’s acquisition of the seven Tennessee Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">BTC</a>) mining facilities as a strong strategic move, highlighting the company’s ability to source high-quality infrastructure at a favorable valuation.</p>
<p>With this acquisition, CleanSpark can focus on integrating the latest S21 pro miners to maximize its output. The company also plans to use a community-oriented approach to expand operations in Tennessee.</p>
<p>With a price of approximately $323,500 per megawatt, CleanSpark has secured the lowest price per developed MW for any <a href="https://crypto.news/tag/mining/" target="_blank" rel="noopener noreferrer nofollow">mining</a> deal in 2024, according to the firm’s BTC Miner M&amp;A Deal Tracker, Wainwright analysts noted.</p>
<p>CEO Zach Bradford highlighted Tennessee’s favorable political and energy environment compared to Georgia, where CleanSpark operates 500 MW of facilities.</p>
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 <p>“Tennessee has a similar political and energy environment to Georgia, where we’ve deployed nearly $1B of capital and operate nearly 500 MW… applying the same winning community-oriented strategy to The Volunteer State is our plan as we expand our presence in the region and continue showcasing how Bitcoin can benefit the local power grid and communities where we’re located.”</p>
 <p>Zach Bradford, CleanSpark CEO</p>
</blockquote>
<p>CleanSpark’s stock is currently trading at $9.30 per share, but analysts see this news as a buying opportunity and reiterated their “Buy” rating on CleanSpark, maintaining a $27 price target.</p>

CleanSpark acquiring seven Bitcoin mining facilities in Tennessee

Table of Contents

crypto.news

Other articles published on Sep 11, 2024

XRP Breakout Imminent? Crypto Expert Predicts $4.20 Target Amid Bullish Patterns

Indodax Suffers Major Hack, $22 Million Worth of Crypto Reportedly Stolen From Its Hot Wallets

Bitcoin Faces Further Declines Amid Market Turbulence

Michael Saylor Predicts Bitcoin’s $13M Surge Despite Stock Crash

Analysts Say Bitcoin ETF Outflows Are Part of Market’s Natural Evolution

DOGE MVRV Hints Undervaluation as SHIB & PEPE Stay Bearish

Join our free newsletter for daily crypto updates!