Bitcoin miner CleanSpark has announced the commencement of the second phase of operations at its mining park in Washington, Georgia, USA. The company has achieved a hash rate of 8.0 exahashes per second (EH/s), which is halfway to its year-end target of 16 EH/s. With an investment of nearly $55 million, including infrastructure, buildings, and machinery, CleanSpark has expanded its total generating capacity to 86 megawatts (MW). The facility, which was purchased for $25.1 million in August 2022, now houses 15,000 mining machines.
Matthew Schultz, executive chairman of CleanSpark, highlighted the positive impact of the company's work on the city of Washington. By partnering with city officials and the community, CleanSpark has helped the city nearly double its annual budget, reaching over $30 mill ion this year. Schultz explained that the company buys power from the city at a cost-plus level, eliminating the need to compete with taxpayers for power. Despite the current bear market, CleanSpark remains focused on aggressive expansion plans. Last month, it acquired a bitcoin mining facility in Dalton, Georgia, which is expected to increase the hash rate by approximately 1 EH/s.
CleanSpark has invested more than $150 million in building out its computer power infrastructure in recent months. Schultz outlined the company's strategy of selling bitcoin for $40,000 to $60,000 and reallocating the funds into more efficient infrastructure instead of investing in high-value rigs. With the upcoming Bitcoin halving, the company has adjusted its approach and has started increasing the number of bitcoins it holds, anticipating dividends from the halving event. Looking ahead to 2024, CleanSpark CEO Zach Bradford mentioned the company's plans for mergers and acquisitions (M&A) opportunities in the next cycle. He expects there to be opportunities to acquire entire facilities or struggling peers that cannot sustain operations, allowing CleanSpark to deploy state-of-the-art miners and generate quick returns.
CleanSpark's expansion in Washington, Georgia, and its acquisition of additional facilities in Dalton, Georgia, demonstrate the company's commitment to increasing its hash rate and growing its presence in the bitcoin mining industry.
