&nbsp;<a href="https://ultramining.com/news/en/cleanspark-doubles-down-on-bitcoin-mining-with-55m-expansion/" rel="noopener noreferrer nofollow">CleanSpark</a> Inc., a prominent <a href="https://ultramining.com/news/en/senator-lummis-pushes-for-crypto-regulation-amid-sec-lawsuits/" rel="noopener noreferrer nofollow">U.S.</a> bitcoin miner, is gearing up for an ambitious expansion, tripling its <a href="https://ultramining.com/news/en/bitcoin-miners-set-for-a-tough-ride-as-2024-halving-nears-jp-morgan/" rel="noopener noreferrer nofollow">hash rate</a> from 2.9 to 9 exahash per second within a year, with a goal of 16 exahash by year's end, according to <a href="https://www.forbes.com/sites/jessicanix/2023/08/08/cleansparks-computing-power-push-likely-to-keep-it-in-the-red/?sh=41f21d6545c9" rel="noopener noreferrer nofollow">forbes</a>. 
In June, the company acquired two facilities in Georgia for $9.3 million and invested in 12,500 units of the <a href="https://ultramining.com/news/en/revolution-in-bitcoin-mining-efficiency-skyrockets-defying-energy-consumption-fears/" rel="noopener noreferrer nofollow">Antminer</a> S19 XP mining machine for $40.5 million. Despite this aggressive growth, <a href="https://ultramining.com/news/en/cleanspark-doubles-down-on-bitcoin-mining-with-55m-expansion/" rel="noopener noreferrer nofollow">CleanSpark</a> is expected to report its sixth unprofitable quarter on Wednesday, with a net loss of $17.9 million for the fiscal third quarter, narrower than last year's $31 million. 
Sales are projected to increase to $47.7 million from $31 million, largely financed through profits from bitcoin sales. <a href="https://ultramining.com/news/en/cleanspark-doubles-down-on-bitcoin-mining-with-55m-expansion/" rel="noopener noreferrer nofollow">CleanSpark</a> mined an estimated 1,486 bitcoins in the quarter, worth $42.7 million. 
The company's push towards efficiency is aligned with the expected bitcoin <a href="https://ultramining.com/news/en/heat-waves-and-halving-bitcoin-miners-cash-in-amid-rising-prices/" rel="noopener noreferrer nofollow">halving</a> in spring. Leveraging low-carbon energy sources, <a href="https://ultramining.com/news/en/cleanspark-doubles-down-on-bitcoin-mining-with-55m-expansion/" rel="noopener noreferrer nofollow">CleanSpark</a> accounts for 94% of its power from nuclear, hydro, and solar energy in Georgia, where all six campuses are located. 
Analysts laud <a href="https://ultramining.com/news/en/cleanspark-doubles-down-on-bitcoin-mining-with-55m-expansion/" rel="noopener noreferrer nofollow">CleanSpark</a>'s management expertise, and its strategic expansion places it ahead of rivals in anticipation of the reward for bitcoin mining being halved. The focus on efficiency and sustainability demonstrates a well-calculated risk to thrive in a volatile crypto market. 
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CleanSpark Triples Hash Rate Amid Expansion

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