CleanSpark Expands Bitcoin Mining to Mississippi with $20 Million Acquisition

The company makes two acquisitions for $23.2 million cash

Bitcoin mining firm CleanSpark is expanding to the state of Mississippi by acquiring three sites for $19.8 million, which forms part of its plan to reach 20 EH/s by June.

The company said in an announcement on Tuesday that the hashrate at the three turnkey sites is expected to reach 2.4 EH/s after the deal is closed within the next three weeks.

In addition, CleanSpark has acquired a third site in Dalton, Georgia, for $3.4 million, and is estimated to spend another $3.5 million to complete the construction. It aims to bring the site online with 0.8 EH/s by April 2024, which is when bitcoin’s halving is estimated to take place.

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Before the Mississippi expansion, CleanSpark operated its proprietary facilities exclusively in Georgia while colocating a portion of its hashrate at a third-party host in New York. It already owns two sites in Dalton that are powering 0.8 EH/s with another 0.8 EH/s under expansion.

CleanSpark operates close to 10.1 EH/s of installed hashrate as of January across all of its sites. It mined 577 bitcoin in January with a realized hashrate of 9.59 EH/s.

With an existing expansion of 6 EH/s in Sandersville and 0.8 EH/s in Dalton, Georiga, and the two new acquisitions totaling 3.2 EH/s in hashrate capacities, the company boasts an ambition to reach 20 EH/s within two months after bitcoin’s halving.

CleanSpark’s stock is up 7.2% on Tuesday following the site acquisition announcement.