Many Bitcoin miners have either been searching for funding or thrown in the towel and filed Bankruptcy. But not CleanSpark. In fact, CleanSpark is expanding.
This CleanSpark expansion consists of the groundbreaking for a new 50-megawatt BTC mining center located in Washington, Georgia. This new facility is slated for completion in late Spring 2023.
In a company blog dated January 19, 2023, CleanSpark announced that this expansion will cost $16 Million. When complete the facility will house up to 16,000 miners adding up to 2.2 exahashes of mining capacity to CleanSpark's mining capacity. Once added, CleanSpark's production hashrate is expected to be as high as 8.7 EH/s.
The mining machines to be housed at this new facility include Antminer S19j Pro and Antminer S19 XP units which purportedly are the newest and most power efficient mining machines currently available. According to the company, depending on the mix of these machines, additional mining capacity will be increased to a range of 1.6 EH/s to 2.2 EH/s. Overall, this range constitutes a 25% to 34% increase from CleanSpark's current hashrate.
Acquisition of the Georgia site is part of ClenSpark's bear market growth strategy. CleanSpark mines with mostly renewable or low carbon sources of energy. The company follows a capital management strategy of selling a major proportion of the BTC it mines to foster growth. The strategy has enabled CleanSpark to grow its hashrate from 2.1 EH/s in January 2022 to 6.2 EH/s in December 2022.
According to Zach Bradford, CEO of CleanSpark:
When we purchased the Washington site in August, we were confident about our ability to quickly expand, adding this 50MW to the existing 36MW of infrastructure [...] This second phase more than doubles the size of the existing operation. We are looking forward to expanding our relationship with the Washington City community and to be able to support the construction jobs that will come with this expansion.
[CleanSpark. CleanSpark Breaks Ground on 50 Megawatt Bitcoin Mining Expansion. (Accessed January 21, 2023)].
CleanSpark's VP of Business Development, Scott Garrison, added:
The community of Washington and the team on site have played a crucial role in the successful deployment of the first phase of the site, which uses mainly low-carbon sources of power, employs newest generation tech, and is among the most power-efficient and sustainable bitcoin mining operations [...] This partnership will go a long way in not only the timely completion of the next phase but also making it one of the most reliable mining operations.
[CleanSpark, supra].
In 2020, CleanSpark gained approval to publicly trade its stock on NASDAQ. In 2021, CleanSpark raised $200 Million from it's equity offering. Presently, CleanSpark is listed as number 44 on the Financial Times' 2022 List of the 500 Fastest Growing Companies in the Americas. Also the company is listed number 13 on Deloitte’s Fast 500. Clearly, amid the current crypto winter and failures of other large Bitcoin miners, CleanSpark provides the industry with a bright spot and hope for the future.