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Cryptocurrency mining firm CleanSpark is moving ahead with its aggressive infrastructure expansion in the United States by acquiring two Bitcoin (BTC) mining facilities in a $9.3 million cash deal.
According to a June 21 announcement, CleanSpark has entered into a definitive agreement to purchase two turnkey Bitcoin mining campuses in Dalton, Georgia. With turnkey bitcoin mining, users can buy a pre-assembled, customized and optimized bitcoin mining rig for use on mining farms.
The facilities will host over 6,000 Antminer S19 XP and S19J Pro+, which are expected to add around 1 exahash per second (EH/s) to the CleanSpark hashrate post-deal. According to Zack Bradford, CEO of CleanSpark, the newly acquired infrastructure will allow the company to meet its 16 EG/s goal by the end of the year.
The purchase follows several acquisitions by CleanSpark in recent months despite a drop in BTC mining profitability during the bear market. In April, the company announced the purchase of 45,000 Antminer S19 XP rigs for $144.9 million, which is expected to add 6.4 EG/s of mining power.
In February, CleanSpark added 20,000 new Antminer S19j Pro+ modules to its portfolio for $43.6 million, which is expected to increase computing power to 2.44 EG/s. A few weeks earlier, the company announced a $16 million expansion of its Georgia facility with 15,000 new rigs.
According to the Hashrate Index, the ongoing expansion is overlooking the declining profitability of Bitcoin mining, which at the time of writing has fallen to $0.066 per TH/s per day from a peak of $0.40 in June 2019.
With a rapid fleet expansion, CleanSpark expects to be well positioned for the Bitcoin halving expected between April and May 2024. The next halving will cut the Bitcoin block reward to 3,125 BTC.
The price of bitcoin has historically skyrocketed since the halving thanks to a reduction in the supply of the cryptocurrency as demand has remained stable. “We continue to use the opportunities created by current market conditions to prepare for next year’s Bitcoin halving,” said CleanSpark CFO Gary Vecchiarelli.