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CleanSpark, a Bitcoin (BTC) mining company, is expanding its operations by acquiring two Bitcoin mining sites in Dalton, Georgia for $9.3 million. The impact of this massive operation is yet to be seen.
Providing Support to BTC Mining!
The facilities will house over 6,000 Bitcoin mining machines, including the latest generation Antminer S19 XP and S19j Pro+ units. These machines were ordered and paid for by CleanSpark earlier this year, and the purchase is part of the company’s plans to reach a hash rate of 16 exahash per second (EH/s) by the end of 2023. In a statement, CleanSpark CEO Zach Bradford stated:
This acquisition ensures we have more than enough infrastructure to reach our end-of-year target of 16 EH/s. These two additional facilities are proof of our deepening ties with rural communities in Georgia and our regional expertise developed there as a large, flexible load. More importantly, our efforts provide economic growth for the rural areas where our operations are located.
Impact on the Hash Rate!
The deal, which is expected to be finalized this week, will increase CleanSpark‘s computing power by approximately 1 EH/s, representing a roughly 15% increase compared to the current 6.7 EH/s hash rate. This expansion follows CleanSpark’s purchase of 12,500 new Bitmain Antminer S19 XP units in June. The purchases are expected to contribute a total of 10.5 EH/s to CleanSpark’s existing hash rate.
However, as the Bitcoin mining industry continues to grow amidst challenging conditions in the spot Bitcoin market, questions about its profitability arise. According to data from BitInfoCharts, the profitability of Bitcoin mining so far in 2023 has risen from $0.06 per day per THash/s on January 1 to $0.07 per day as of June 22. Nonetheless, when looking at the long-term picture, mining profitability remains significantly below the highest levels of the 2021 Bitcoin bull market, which exceeded $0.4 per day per THash/s.
