CleanSpark acquires seven additional Bitcoin Mining Facilities in Tennessee for $28 million
America Bitcoin Miner CleanSpark announced today that it has paid roughly $28 million in cash, or approximately $324,000 per megawatt, for the acquisition of seven Bitcoin mining facilities and some associated land in the Knoxville, Tennessee, area.
Hopefully this news will Knox-ville your socks off. 🧦
— CleanSpark Inc. (@CleanSpark_Inc) September 11, 2024
We’ve entered into definitive agreements to acquire 7 #Bitcoin 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… pic.twitter.com/x5X71YJtkX
The company plans to close all of the locations by September 25, 2024, at the latest. Once the newest generation S21 pro miners are installed, the operating hashrate of the combined facilities is expected to produce 5 exahashes per second (EH/s), increasing the company's current hashrate by over 22%. The combined 85 MW of the seven sites range in size from 10 MW to 20 MW.
The acquisition expands upon the company's strategy of obtaining premium infrastructure prospects at prices that are competitive with the market.
The miners needed for this expansion have just arrived, and they will be installed as soon as each site closes, the post added.
Zach Bradford, CEO of CleanSpark, said we have already exceeded 23 EH/s since the energization of our Dalton 4 campus last week, and this week we anticipate more hashrate to come online due to the energization of 50 MW of S21 pros in Sandersville. We now anticipate reaching 37 EH/s by the end of 2024, with the additional 5 EH/s expected to start hashing over the next few weeks.
We are continuing to execute our growth strategy, as represented by the GRIID acquisition, our recent Wyoming closing, and this new deal. The political and energy environments in Tennessee and Georgia are similar, where the company has invested close to $1 billion and is operating approximately 500 megawatts.
As we expand in the region and keep demonstrating how bitcoin can help the local power grid and communities where we're located, we plan to apply the same winning community-oriented strategy to the volunteer state, Bradford added.
On September 3, 2024, CleanSpark disclosed that 478 bitcoins were mined, and at an average price of roughly $56,729 per bitcoin, it sold 2.5 bitcoins in August. The company's total bitcoin holdings as of August 31 were 7,558.
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