CleanSpark to Buy Two Bitcoin Farms for $9.3M

How does bitcoin mining work?
How does bitcoin mining work?

U.S. mining company CleanSpark has entered into a definitive agreement to buy two bitcoin mining operations in Dalton, Georgia for $9.3 million.

The company will fully pay for the deal in cash, it is planned to close it before the end of the week.

The two turnkey facilities are expected to add almost 1 EH/s to the company’s current hashrate. In total, CleanSpark will host over 6,000 Antminer S19 XP and S19J Pro+ units ordered earlier.

β€œThe acquisition ensures that we have more than enough infrastructure to meet our year-end target of 16 EH/s,” said Zack Bradford, CEO of the company.

The deal continues a series of purchases made by CleanSpark since the start of the bear market. Since the beginning of 2023, the company has acquired:

β€œWe continue to use the opportunities created by market conditions to prepare for next year’s Bitcoin halving. It is important to note that this acquisition is fully paid for from our cash reserves. We expect it to be profitable immediately,” said CleanSpark CFO Gary Vecchiarelli.

Recall that in the second quarter of fiscal 2023, the company doubled the number of bitcoins mined compared to the same period last year. At the same time, revenue increased only by 14% to $42.5 million.

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