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The U.S. Bitcoin Mining Company CleanSpark to Procure Four New Facilities in Mississippi

CleanSpark prepares a strategic expansion in the U.S. Bitcoin mining sector

CleanSpark announced on February 6th the acquisition of four new mining facilities, signaling a notable expansion into Mississippi. This acquisition involves three "turnkey" Bitcoin mining facilities within the state, marking a vital step in CleanSpark's strategy to diversify its geographical footprint and bolster its mining capabilities. Zach Bradford, CEO of CleanSpark, highlighted the importance of this expansion, stating: 

“With the addition of Mississippi to our portfolio, we are gradually increasing our geographic diversity and expect to apply our proven track record of success in this new and exciting operating environment.” 

This move is not just an expansion but a clear indication of CleanSpark's ambition to solidify its position in the competitive mining sector.

Detailed overview of the acquisitions and future projections

The deal for the Mississippi facilities is set at $19.8 million in cash, with expectations to finalize within 21 days. Upon completion, these facilities will contribute a combined hashrate of 2.4 EH/s (exahashes per second), significantly boosting CleanSpark's operational capacity. Additionally, the company is set to acquire another facility currently under construction in Dalton, Georgia, involving an initial investment of $3.4 million and a subsequent $3.5 million to complete the project by April 2024. This acquisition is anticipated to enhance CleanSpark's total hashrate to 2.4 EH/s across all Dalton locations, each contributing 0.8 EH/s.

In a broader context, CleanSpark's current operational capacity stands at 10 EH/s across its existing locations, with strategic plans to double this figure. Further amplifying its mining prowess, CleanSpark disclosed an agreement for several thousand Antminer S21 Bitcoin mining machines, with the first batch of 60,000 units costing $193.2 million. This ambitious acquisition is a testament to the firm's goal to achieve a staggering 50 EH/s hashrate. On the financial front, CleanSpark's stock saw a commendable increase of 0.94 points (12.11%) on the announcement day, underscoring its growing influence and potential in the crypto mining industry against competitors like Riot Platforms and Marathon Digital.