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 <li>CleanSpark's $27.5M Knoxville acquisition adds 85 MW capacity and boosts hashrate by 5 EH/s, aiming for 37 EH/s by end of 2024.</li>   
 <li>The new facilities complement past expansions, including GRIID and Wyoming, showcasing CleanSpark’s strategic growth and market timing.</li>   
 <li>Despite a 4.5% stock drop, Bernstein rates CleanSpark "outperform," highlighting its top position in Bitcoin mining and energy efficiency.</li> 
</ul>   
<p>Bitcoin miner CleanSpark Inc. has <a href="https://investors.cleanspark.com/news/news-details/2024/CleanSpark-to-Add-5-EHs-and-Increase-2024-Guidance-With-Acquisition-of-Seven-Additional-Bitcoin-Mining-Facilities-in-Tennessee/default.aspx" target="_blank" rel="noreferrer noopener nofollow">disclosed</a> a purchase. The firm has officially signed contracts to buy seven Bitcoin mining facilities in Knoxville, Tennessee, along with adjacent land. This will contribute an additional 5 EH/s to the hashrate, fueled by the extra 85 MW operational capacity brought online by CleanSpark. The acquisition price constitutes $3,244,000 per megawatt, putting the entire purchase at a total of $27.5 million. The facilities can support power outputs in the range of 10 to 20 MW.</p>   
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<h3 class="wp-block-heading" id="h-strategic-expansion-and-increased-hashrate"><strong>Strategic Expansion and Increased Hashrate</strong></h3>   
<p>CleanSpark's approach prioritizes acquiring infrastructure at competitive rates, which aligns with this arrangement. No later than September 25, 2024, this business plans to close. Installing the newest generation S21 pro <a href="https://investors.cleanspark.com/news/news-details/2024/CleanSpark-Releases-June-2024-Bitcoin-Mining-Update/default.aspx" target="_blank" rel="noreferrer noopener nofollow">miners</a> after the closure will result in a roughly 22% boost in CleanSpark's hash rate. Consequently, by the end of 2024, the corporation hopes to attain 37 EH/s.</p>   
<p>Last week, the company’s Dalton 4 campus went live, pushing its hashrate past 23 EH/s. Moreover, the energization of 50 MW of S21 pros in Sandersville is expected to increase the hashrate further.&nbsp;</p>   
<p>The Knoxville acquisition complements earlier deals, such as the GRIID acquisition and a recent closing in Wyoming. This progression highlights CleanSpark’s deliberate timing of market purchases and its efficient use of acquired data center space.</p>   
<h3 class="wp-block-heading" id="h-community-focus-and-market-performance"><strong>Community Focus and Market Performance</strong></h3>   
<p>CEO Zach Bradford emphasized the significance of Tennessee’s favorable political and energy environment, similar to Georgia’s, where CleanSpark has invested nearly $1 billion and operates about 500 MW. The company’s <a href="https://cryptonewsland.com/argentina-set-to-adopt-ai-to-prevent-future-crimes-amid-security-concerns/" target="_blank" rel="noreferrer noopener sponsored nofollow">community-focused approach</a> in Tennessee aims to replicate its successful strategy in Georgia. Bradford envisions that this expansion will benefit both the local power grid and surrounding communities.</p>   
<p>Despite these advancements, CleanSpark’s stock fell 4.5% to $9.93 per share, reflecting a year-to-date decline of 18%. Bernstein rated CleanSpark as "outperform," noting its strong position <a href="https://cryptonewsland.com/marathon-digital-pioneers-made-in-usa/" target="_blank" rel="noreferrer noopener sponsored nofollow">among Bitcoin producers</a>, alongside MARA and Core Scientific.&nbsp;</p>   
<p>Bernstein highlighted CleanSpark's efficiency in energy use and operational performance. In August, CleanSpark mined 478 BTC, increasing its total operating hash rate by 1.4 EH/s. The company’s Bitcoin holdings stood at 7,558 as of August 31.</p> 
<p>The post <a href="https://cryptonewsland.com/cleansparks-new-knoxville-facilities-set-to-boost-hashrate-and-power-bitcoin-mining-expansion/">CleanSpark’s New Knoxville Facilities Set to Boost Hashrate and Power Bitcoin Mining Expansion</a> appeared first on <a href="https://cryptonewsland.com">Crypto News Land</a>.</p>

CleanSpark’s New Knoxville Facilities Set to Boost Hashrate and Power Bitcoin Mining Expansion

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