Bitcoin miner CleanSpark expands operations in Georgia

Bitcoin (BTC) miner CleanSpark is expanding operations successful the authorities of Georgia, adding to its mining capableness contempt the ongoing carnivore market. 

Groundbreaking connected a caller 50-megawatt Bitcoin mining installation successful Washington, Georgia, is underway, with expected completion successful precocious spring, CleanSpark disclosed connected Jan. 19. The astir $16 cardinal enlargement is expected to summation the company’s hashrate by 2.2 exahashes per second, with full hashrate reaching arsenic precocious arsenic 8.7 EH/s.

The expanded installation volition big up to 16,000 miners, including recently added Antminer S19j Pro and Antminer S19 XP models.

“This 2nd signifier much than doubles the size of the existing operations,” said CEO Zach Bradford.

CleanSpark purchased its Georgia tract successful August earlier acquiring section mining facility Mawson Infrastructure Group the pursuing period for $33 million. At the time, the institution said it planned to enactment a mining fleet of up to 70,000 units successful 2023.

CleanSpark received support to commercialized publically connected the Nasdaq banal speech successful aboriginal 2020. The pursuing year, the institution raised $200 cardinal successful superior via an equity offering.

Like different publicly-traded Bitcoin miners, shares of CleanSpark (CLSK) person declined sharply implicit the past year. Source: TradingView.

With the terms of Bitcoin plunging much than 76% peak-to-trough, miners person been forced to rethink their concern strategies to past successful the agelong term. One of the industry’s biggest players, Core Scientific, filed for Chapter 11 bankruptcy successful December. Mining outfit Greenridge, meanwhile, received a $74 cardinal lifeline conscionable to enactment afloat.

Related: Crypto miner explains however Bitcoin mining stabilizes grids

Some miners person thrived during the carnivore marketplace by reducing vigor costs and avoiding excessive leverage. In October, CleanSpark’s enforcement president Matthew Shultz told Cointelegraph that “Bitcoin mining is simply a imaginable solution for creating much opportunities for vigor development.”