Bitcoin Mining Company CleanSpark Acquires 86MW Mining Facility

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American Bitcoin miner, CleanSpark, has paid $16.2 million for a 36-megawatt facility in Georgia from Waha Technologies, a vertically integrated Bitcoin miner. 

The company purchased approximately 3,400 rigs that were already in operation in the new Georgia location. 

According to a recent statement, the new site would raise the company's hash rate by 1.1 exahash per second (EH/s) (a 38 percent increase). However, CleanSpark plans to scale the new site's energy capacity to 86 megawatts. 

For $8.9 million, the miner purchased over 3,400 rigs - representing around 0.34 EH/s - that were already in operation at the new Georgia location. 

CleanSpark will fill the remaining 36 megawatts with previously purchased machines. Taking advantage of the current buyer's market, the business has recently stocked up on ASICs. It purchased 1,800 Bitcoin miners in June and 1,061 more in July. 

"The market has been preparing for the merger all summer, and we are thrilled to be on the acquiring side," said CleanSpark CEO Zach Bradford. "Our approach to sustainability and creating value for our stakeholders have placed us in a unique position to capitalize on the unparalleled opportunities offered by the current market."

In July 2022, CleanSpark hit its all-time high of 13.25 BTC mined per day, while its monthly production increased by over 13%. The miner fully funded growth and operations by selling 426 Bitcoins at an average of approximately $20,768 per BTC. The sales of BTC equated to proceeds of approximately $8.8 million. 

Written by
Chiagoziem Bede Ikwueze

American Bitcoin miner, CleanSpark, has paid $16.2 million for a 36-megawatt facility in Georgia from Waha Technologies, a vertically integrated Bitcoin miner. 

The company purchased approximately 3,400 rigs that were already in operation in the new Georgia location. 

According to a recent statement, the new site would raise the company's hash rate by 1.1 exahash per second (EH/s) (a 38 percent increase). However, CleanSpark plans to scale the new site's energy capacity to 86 megawatts. 

For $8.9 million, the miner purchased over 3,400 rigs - representing around 0.34 EH/s - that were already in operation at the new Georgia location. 

CleanSpark will fill the remaining 36 megawatts with previously purchased machines. Taking advantage of the current buyer's market, the business has recently stocked up on ASICs. It purchased 1,800 Bitcoin miners in June and 1,061 more in July. 

"The market has been preparing for the merger all summer, and we are thrilled to be on the acquiring side," said CleanSpark CEO Zach Bradford. "Our approach to sustainability and creating value for our stakeholders have placed us in a unique position to capitalize on the unparalleled opportunities offered by the current market."

In July 2022, CleanSpark hit its all-time high of 13.25 BTC mined per day, while its monthly production increased by over 13%. The miner fully funded growth and operations by selling 426 Bitcoins at an average of approximately $20,768 per BTC. The sales of BTC equated to proceeds of approximately $8.8 million. 

Written by
Chiagoziem Bede Ikwueze