Mining in the Peach State
CleanSpark, a key player in the Bitcoin industry, is doubling down on its operations in Georgia, even as the market takes a nosedive. With groundbreaking just initiated on a new 50-megawatt facility in Washington, Georgia, the company is set to enhance its mining capacity significantly. Expected to be completed by late spring, this ambitious $16 million project aims to boost CleanSpark’s hash rate by 2.2 exahashes per second (EH/s), bringing its total to a whopping 8.7 EH/s.
A Mini City of Miners
The new facility isn’t just a small operation; it will house up to 16,000 miners. Among the stars of the show will be the cutting-edge Antminer S19j Pro and Antminer S19 XP models. It’s safe to say that this expansion will be a significant step towards harnessing the power of Bitcoin mining in an efficient and large-scale environment.
Words from the Top
CEO Zach Bradford expressed his enthusiasm, stating, “This second phase more than doubles the size of the existing operations.” It seems CleanSpark isn’t just interested in survival; it’s focused on growth, proving that even in bear markets, there are opportunities for the brave.
Acquisitions and Approval
CleanSpark isn’t new to Georgia; it purchased its current site last August, right before acquiring the local Mawson Infrastructure Group for $33 million the following month. Their plans are ambitious, aiming to bolster a mining fleet that could reach 70,000 units by the end of 2023. And let’s not forget, CleanSpark is a publicly traded company on Nasdaq since early 2020, raising $200 million through equity offerings in 2021.
Market Challenges Ahead
Like many publicly traded Bitcoin miners, CleanSpark (CLSK) has faced significant stock declines over the past year. Bitcoin’s plunge of more than 76% has made miners rethink their business models. The industry’s challenges are well-timed; prominent players like Core Scientific have filed for Chapter 11 bankruptcy. Meanwhile, Greenridge had to secure a $74 million lifeline to keep its operations afloat. Yet, some miners, including CleanSpark, seem to find their footing amidst these turbulent times. As Executive Chairman Matthew Shultz aptly remarked, “Bitcoin mining is a potential solution for creating more opportunities for energy development.”
