Bitcoin miner CleanSpark expands operations in Georgia

Bitcoin (BTC) miner CleanSpark is increasing operations within the state of Georgia, including to its mining capability regardless of the continued bear market. 

Groundbreaking on a brand new 50-megawatt Bitcoin mining facility in Washington, Georgia, is underway, with anticipated completion in late spring, CleanSpark disclosed on Jan. 19. The almost $16 million growth is predicted to extend the corporate’s hashrate by 2.2 exahashes per second, with complete hashrate reaching as excessive as 8.7 EH/s.

The expanded facility will host as much as 16,000 miners, together with newly added Antminer S19j Professional and Antminer S19 XP fashions.

“This second section greater than doubles the dimensions of the present operations,” mentioned CEO Zach Bradford.

CleanSpark bought its Georgia web site in August earlier than buying native mining facility Mawson Infrastructure Group the next month for $33 million. On the time, the corporate mentioned it deliberate to assist a mining fleet of as much as 70,000 items in 2023.

CleanSpark acquired approval to commerce publicly on the Nasdaq inventory alternate in early 2020. The next yr, the corporate raised $200 million in capital by way of an fairness providing.

Like different publicly-traded Bitcoin miners, shares of CleanSpark (CLSK) have declined sharply over the previous yr. Supply: TradingView.

With the worth of Bitcoin plunging greater than 76% peak-to-trough, miners have been pressured to rethink their enterprise methods to outlive in the long run. One of many trade’s greatest gamers, Core Scientific, filed for Chapter 11 chapter in December. Mining outfit Greenridge, in the meantime, acquired a $74 million lifeline simply to remain afloat.

Associated: Crypto miner explains how Bitcoin mining stabilizes grids

Some miners have thrived in the course of the bear market by lowering power prices and avoiding extreme leverage. In October, CleanSpark’s govt chairman Matthew Shultz instructed Cointelegraph that “Bitcoin mining is a possible resolution for creating extra alternatives for power improvement.”