CleanSpark Inc. has announced the completion of phase two of its mining campus expansion in Washington, Georgia. The expansion is expected to increase CleanSpark’s bitcoin mining compute power by 1.8 exahashes per second (EH/s) to a total of 8.5 EH/s. The company has set lofty goals of reaching a target of 16 EH/s by the end of the year. The Washington campus has a power capacity of 50 megawatts (MW) and currently operates over 10,500 mining machines, with a total investment of over $100 million.

Zach Bradford, CEO of CleanSpark, expressed his appreciation for the successful execution of the expansion, highlighting the technical expertise and support from the local community. He stated, “This expansion has already helped us get more than halfway to our year-end guidance of 16 EH/s.”

CleanSpark has been actively pursuing growth opportunities, particularly during the recent bear cycle. Last month, the company acquired a turnkey bitcoin mining campus in Dalton, Georgia, consisting of two sites, for $9.3 million. In addition to that, in the same month the company announced the acquisition of more than 12,000 cutting edge mining machines.

The expansion in Washington, Georgia, has marked another milestone for CleanSpark as it continues to increase its bitcoin mining capacity. 

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CleanSpark Inc., a prominent Bitcoin mining company, has announced its plans to acquire two turnkey bitcoin mining campuses in Dalton, Georgia, for $9.3 million in an all-cash deal. The facilities are expected to contribute nearly 1 exahash per second (EH/s) to CleanSpark’s hash rate, boosting its mining capabilities. The acquisition aligns 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, CleanSpark’s purchase will allow for the hosting of over 6,000 of the latest and most power-efficient bitcoin mining machines, specifically the Antminer S19 XPs and S19J Pro+s, that were ordered and fully paid for 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 power-efficient miners on an energy-per-hashrate basis,” said Zach Bradford, CEO of CleanSpark. “These two additional sites are testament to our deepening ties with rural communities in Georgia and the regional expertise we are developing there as a large, flexible load. Importantly, our efforts are generating economic growth for the suburban and rural areas where our operations are located.”

Gary A. Vecchiarelli, CFO of CleanSpark, highlighted the financial impact of the acquisition, stating that it will be immediately beneficial to the company. “Importantly, this acquisition is fully paid for from our existing cash reserves and we expect it to almost immediately start driving revenue to our bottom line,” Vecchiarelli said.

The company’s purchase comes as Bitcoin inches closer to the halving in 2024, in which miners will see the bitcoin reward for their efforts cut in half. If a company relies heavily on newly minted bitcoin as a source of income, their revenue will decrease unless they increase their mining efficiency or the price of bitcoin rises significantly. Companies can control one of those aspects, and CleanSpark is seemingly exercising that control. 

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CleanSpark Inc. has announced the purchase of 12,500 Antminer S19 XP bitcoin mining machines for a total price of $40.5 million. The machines were acquired at a lower price than the current market average, costing $23 per terahash, according to a press release shared with Bitcoin Magazine. The purchase agreement states that 6,000 of the machines will be shipped in June, with the remaining 6,500 set for shipping in August.

Zach Bradford, CEO of CleanSpark, expressed his confidence in the purchase, stating, “This purchase ensures that we are prepared to meet and potentially exceed our year-end target of 16 EH/s and also positions us to be one of the most power-efficient miners on an energy-per-hashrate basis.” He further highlighted the optionality provided by the additional machines, allowing the company to replace less efficient units if the economics support it.

CleanSpark reported that it has been taking advantage of discounted machine purchases during the crypto bear market. In February, the company acquired 20,000 Antminer S19j Pro+ units, followed by the purchase of 45,000 Antminer S19 XP units in April.

Gary A. Vecchiarelli, CFO at CleanSpark, emphasized the importance of these purchases in preparation for the upcoming bitcoin halving, stating, “the efficiency of these machines also results in less power consumed per bitcoin mined compared to older generation miners, which should translate to higher margins.”

CleanSpark’s recent purchases of bitcoin mining machines demonstrate the company’s commitment to expanding their mining capacity and staying competitive in the market. With fees from Ordinals inscriptions boosting the revenue for miners, it is expected that large players like CleanSpark will continue to bolster their miner inventory.

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On Tuesday, the bitcoin mining company Cleanspark announced that it had purchased 45,000 Antminer S19 XP bitcoin mining devices for a total price of $144.9 million. Cleanspark stated that the new fleet would add 6.3 exahash per second (EH/s) of computational power to the company’s current 6.7 EH/s.

Cleanspark Acquires 45,000 Bitmain Antminers for $144.9 Million

This year, bitcoin mining firms are once again making large purchases of application-specific integrated circuit (ASIC) bitcoin mining rigs after taking a brief break in 2022. On Tuesday, April 11, 2023, the bitcoin mining firm Cleanspark announced that it had purchased 45,000 new Antminer S19 XP machines from the leading ASIC manufacturer, Bitmain. The first delivery of 25,000 ASICs will take place in August, and the remaining 20,000 will be delivered in September.

Cleanspark detailed that all of the new miners would be delivered to the company’s mining facility in Sandersville, Georgia. The site, located in Georgia, is currently in the midst of a 150-megawatt (MW) expansion. Cleanspark further noted that the new miners would add 6.3 EH/s to the firm’s current fleet, which boasts 6.7 EH/s of computational power, and all the new devices are expected to be fully operational by the end of 2023.

“As bitcoin’s halving draws closer, our focus on operational efficiency, our technical expertise, and our treasury management strategy, will all play a crucial role in solidifying Cleanspark’s position among the top bitcoin mining companies in America,” Zach Bradford, the CEO of Cleanspark said in a statement sent to Bitcoin.com News. “This bear market,” Bradford added, “has continued to provide us with opportunities to maximize ROI including the opportunity to purchase the industry’s best miner at an industry-leading price.”

Bitcoin miners had a difficult year in 2022, and 2023 has proven to be a different story so far. Presently, bitcoin (BTC) prices have risen more than 80% higher since the last day of 2022. Bitcoin’s global hashrate has, in turn, jumped higher, surpassing the 400 EH/s range this year, while the network’s difficulty has also reached all-time highs. Cleanspark’s latest acquisition of 45,000 ASIC bitcoin miners follows the company’s purchase of 20,000 Bitmain mining rigs in mid-February. At the time, Cleanspark said it leveraged Bitmain coupons that saved the firm millions.

What do you think about Cleanspark’s latest purchase of 45,000 ASIC Bitcoin miners? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.