Key Takeaways:
- CleanSpark acquires seven mining facilities in Knoxville for $27.5M, boosting hashrate by 22%.
- The company projects a total hashrate of 37 EH/s by end of 2024, adding 85 MW of power capacity.
- CleanSpark is now the second-largest Bitcoin miner by market cap, holding 7,558 BTC in reserves.
CleanSpark, a U.S.-based Bitcoin mining company, is expanding its operations by acquiring seven mining facilities in Knoxville, Tennessee, from Exponential Digital for $27.5 million in cash.
The deal is expected to increase CleanSpark’s hashrate by 22%, with the new sites adding 85 megawatts of power capacity and 5 exahashes per second (EH/s) to its operations.
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
CleanSpark CEO Zach Bradford anticipates the company’s total hashrate will reach 37 EH/s by the end of 2024.
The acquisition follows a series of growth initiatives by CleanSpark, including the addition of 50 megawatts to its Georgia facilities.
The company also recently acquired GRIID Infrastructure’s Tennessee sites for $155 million.
CleanSpark mined 478 Bitcoin in August 2024 and holds 7,558 BTC in reserve.
Despite criticism of noise and minimal local tax contributions at the Tennessee sites, CleanSpark remains focused on demonstrating Bitcoin mining’s potential to positively impact local power grids and communities.
The company is now the second-largest Bitcoin miner by market cap.
About The Author
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