CleanSpark Makes $25.8M Deal to Acquire Five Bitcoin Mining Facilities in Georgia
CleanSpark Inc., a leading player in the Bitcoin mining industry, has made a significant move in its expansion efforts by acquiring five new turnkey Bitcoin mining facilities in rural Georgia. The cash deal, valued at $25.8 million, will bolster CleanSpark’s infrastructure by adding 60 megawatts (MW) of capacity and increasing the company’s operating hashrate.
This acquisition is vital for CleanSpark’s goal of achieving an operating hashrate of 20 exahashes per second (EH/s) by mid-year.
Strategic Expansion and Infrastructure Growth
The $25.8 million acquisition of Bitcoin mining facilities by CleanSpark is in line with the company’s strategic growth plans to scale operations efficiently and sustainably. With the addition of these new facilities, CleanSpark anticipates the combined operating hashrate to surpass 3.7 EH/s once the latest generation of S21 Pro miners are fully installed.
The newly acquired sites vary in size from 8 MW to 15 MW, totaling 60 MW. They come with interruptible-load designated power purchase agreements (PPAs) that allow flexible energy usage based on local demand, making load balancing crucial during peak demand periods like extreme weather conditions. The agreements cover the purchase of mining data centers and equipment at each site, excluding the miners, and also involve CleanSpark taking over real property leases and power agreements.
Currently, CleanSpark operates around 300 MW of infrastructure in Georgia. With the inclusion of the new sites and the full energization of the Sandersville facility, CleanSpark’s operations in Georgia will surpass 400 MW.
Apart from Georgia, CleanSpark also has infrastructure in Mississippi, co-locates machines in upstate New York, and has plans for future locations in Wyoming.
Multiple Acquisitions in 2024
In addition to the recent acquisition of the five mining facilities in Georgia, CleanSpark has been active in making strategic acquisitions in 2024. The company recently announced a deal to purchase 60,000 Bitmain S21 miners for $193.2 million to capitalize on Bitcoin’s increasing prices. These machines are expected to arrive between April and June 2024, with an average cost of $16.10 per terahash per second (TH/s).
Furthermore, CleanSpark has secured a call option to acquire an additional 100,000 machines at a fixed price, potentially boosting its total capacity to 50 EH/s, representing nearly 10% of Bitcoin’s network hash rate. This strategic move aims to safeguard against rising equipment prices in future bull markets.
Earlier in the year, CleanSpark also announced the acquisition of four new mining facilities—three in Mississippi and one in Dalton, Georgia—aiming to double its hash rate in the first half of 2024. The Mississippi sites were purchased for $19.8 million and are expected to close within 21 days, contributing significantly to near-term revenue. The Dalton facility deal involves an initial payment of $3.4 million, with an additional $3.5 million invested to complete the project by April.
