CleanSpark Inc. announced Inc., a prominent Bitcoin miner, announced its plans to acquire two turnkey bitcoin mining campuses in Dalton, Georgia, for $9.3 million in an all-cash deal. Facilities are expected to contribute approximately 1 exahash per second (EH/s) to CleanSpark’s hash rate, boosting its mining capabilities. The acquisition is in line with the company’s goal of reaching 16 EH/s by the end of the year.
According to a press release shared with Bitcoin Magazine, the purchase of CleanSpark will allow hosting of more than 6,000 of the latest and most energy-efficient bitcoin mining hardware, specifically the Antminer S19 XPs and S19J Pro+s, that were ordered and paid for in full earlier in the year. .
“This acquisition ensures that we have more than enough infrastructure to reach our year-end target of 16 EH/s. It also continues to position us as one of the most energy efficient miners on an energy-per-hash basis,” said Zack Bradford, CEO of CleanSpark. “These two additional locations are testament to our deep relationships with rural communities in Georgia and the regional expertise we are developing there as a large, resilient load. Most importantly, our efforts generate economic growth in the suburban and rural areas where our operations are located. ”
Gary A. Vecchiarelli, CleanSpark’s chief financial officer, highlighted the financial impact of the acquisition, stating that it would be immediately beneficial to the company. “Importantly, the acquisition is driven entirely from our existing cash reserves and we expect it to begin almost immediately driving revenue into our bottom line,” Vecchiarelli said.
The company’s purchase comes as Bitcoin inches closer to the halving in 2024, when miners will see the bitcoin reward for their efforts cut to a halving. If a company relies heavily on newly minted bitcoin as a source of income, its revenue will decline unless it increases mining efficiency or the price of bitcoin increases dramatically. Companies can control one of these aspects, and CleanSpark appears to be exercising that control.