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Bitcoin Miner CleanSpark Builds 50MW Additional Mining Capacity at Georgia Site

The mining firm will increase its computing power by 25% to 34% after the U.S. site goes online.

Updated May 9, 2023, 4:06 a.m. Published Jan 19, 2023, 2:00 p.m.
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Bitcoin miner CleanSpark (CLSK) started the construction of 50 megawatts (MW) of infrastructure, which could increase its computing power by 25% to 34%.

CleanSpark has managed to capitalize on the bear market, buying up distressed assets while its peers are facing bankruptcies and looming debt.

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In August, the miner bought a 36 MW mining site in Washington, Georgia, including 3,400 rigs installed in the site for $25.1 million, amid a splurge of other acquisitions during the summer. The Washington site had the exclusive rights to another 50 MW of power, which CleanSpark is now building out, said a Thursday press release.

Once completed, the 50MW will yield computing power between 1.6 exahash/second (EH/s) to 2.2 EH/s, depending on what mining machines are installed, which will either be Bitmain Antminer S19j Pros and Antminer S19 XPs, the press release said.

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CleanSpark increased its computing power threefold in 2022, and it now has 6.5 EH/s, or about 2.4% of the computing power on the bitcoin network.

Shares of CleanSpark have fallen almost 80% from its 2022 high of $12.53 to $2.53 at Wednesday's close, which is fairly in line with the performance of its peers.

Read more: Bitcoin Miner CleanSpark Cuts 2023 Hashrate Outlook by Nearly 30%





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