CleanSpark, America’s Bitcoin Miner™, has entered into definitive agreements to acquire three turnkey bitcoin mining facilities in Mississippi for a cash payment of $19.8 million. The purchase is expected to close within 21 days, with the operating hashrate at the combined facilities expected to reach 2.4 EH/s (exahashes per second) shortly after closing.
Concurrently, the Company has entered into definitive agreements to acquire a third mining facility which is under construction in Dalton, GA, for an initial cash payment of $3.4 million. The Company expects to invest another $3.5 million to complete the project, with a target operational date of April 2024. The facility is expected to operate at 0.8 EH/s.
CleanSpark already operates approximately 0.8 EH/s of machines at its current campus in Dalton, comprised of two facilities. Additionally, the Company is now expanding its existing Dalton campus with an extra 0.8 EH/s expected, for a total operating hashrate of 2.4 EH/s once all facilities in Dalton are running at full capacity.
The two announced deals, combined with the imminent energization of the Sandersville expansion, provide CleanSpark the additional power it needs to exceed 20 EH/s during the first half of 2024, which is double the Company’s current operational hashrate of 10 EH/s. The Company expects to pay for the acquisitions with cash on hand.
“I’m pleased to announce our expansion into nearby Mississippi and for our newest acquisition in Dalton, which will not only strengthen our ties in this vibrant community but also improve our operating efficiencies as we prepare for the halving,” said Zach Bradford, CEO. “Given our existing footprint in Dalton, we expect to nearly triple our hashrate there with minimal increases to our overhead operating costs.”
Bradford continued, “With the addition of Mississippi to our portfolio, we are gradually increasing our geographic diversity and expect to apply our proven track record of success in this new and exciting operating environment. As one of the few public miners to achieve scale, we expect to continue to be among the most efficient operators, both in terms of the wise stewardship of our energy portfolio and in our ability to maintain best-in-class overhead costs.”