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<p>CleanSpark recently announced that it has entered into a deal to acquire seven Bitcoin mining farms in Tennessee.</p>
<p>The deal will add 22% hashrate to CleanSpark and boost the company’s Bitcoin mining capacity. CleanSpark is paying $27.5 million for the new sites, with the transaction expected to close by September 25, 2024.</p>
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   <p lang="en" dir="ltr">Hopefully this news will Knox-ville your socks off. <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f9e6.png" alt="🧦" class="wp-smiley" style="height: 1em; max-height: 1em;"><br><br>We’ve entered into definitive agreements to acquire 7 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> mining facilities and certain associated land in the Knoxville, Tennessee, area with 85 MW of immediately available capacity, anticipated to add 5 EH/s to our… <a href="https://t.co/x5X71YJtkX" rel="noopener noreferrer nofollow">pic.twitter.com/x5X71YJtkX</a></p>— CleanSpark Inc. (@CleanSpark_Inc) <a href="https://twitter.com/CleanSpark_Inc/status/1833866770106442073?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">September 11, 2024</a>
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<h2 class="wp-block-heading" id="h-cleanspark-s-growing-footprint-in-tennessee"><strong>CleanSpark’s Growing Footprint in Tennessee</strong></h2>
<p>The seven new facilities are based in Knoxville, Tennessee, which means CleanSpark’s footprint in the state has been increased. These have powers of 10 MW to 20 MW with the total power of all the sites amounting to 85 MW.</p>
<p>With the full complement of Bitmain S21 ASIC miners, these sites are expected to add another 5 EH/s to CleanSpark’s hashrate. This comes only a few weeks after CleanSpark acquired GRIID Infrastructure’s facilities in Tennessee which is in line with the company’s strategy of growth through selectively targeted infrastructure investments.&nbsp;</p>
<p><a href="https://www.thecoinrepublic.com/2023/06/02/bitcoin-miner-cleanspark-purchased-over-12k-mining-rigs/" rel="noopener noreferrer nofollow">CleanSpark’s</a>&nbsp;CEO Zach Bradford said that the total hash rate that the company wants to achieve is 37 EH/s by the end of 2024. The company has geared up the procurement of input materials at a low and fixed price. This would be for its mining equipment to enhance its productivity at a lower cost.</p>
<h2 class="wp-block-heading" id="h-enhancing-operational-capacity-across-regions"><strong>Enhancing Operational Capacity Across Regions</strong></h2>
<p>The acquisition in Tennessee is in line with CleanSpark’s operations in Georgia, where the company has invested nearly $1 billion. CleanSpark manages nearly 500 MW in Georgia and has energized its fourth campus in Dalton, adding 50 MW to the Sandersville facility.</p>
<p>CleanSpark mined&nbsp;478 Bitcoin in August 2024&nbsp;with an overall fleet efficiency of 22%. At an efficiency of 7 watts per terahash (W/Th) and an average hashrate output of 21. 3 EH/s.</p>
<p>Besides the Tennessee and Georgia projects, CleanSpark is also actively involved in other projects across Wyoming. There the company is in the process of constructing a 30 MW immersion-cooled facility. The company is also currently negotiating power purchase agreements for an additional 75 MW in Wyoming. This could make CleanSpark one of the biggest Bitcoin miners in the United States.</p>
<h2 class="wp-block-heading" id="h-challenges-and-opportunities-in-the-mining-sector"><strong>Challenges and Opportunities in the Mining Sector</strong></h2>
<p>As CleanSpark grows, the broader Bitcoin mining industry is facing growing hurdles thanks to the rising mining difficulty. The mining difficulty of Bitcoin hit a new high on September 11. It hit 92.67 trillion, hence increasing the difficulty for the miners to get their rewards for their work.</p>
<p>This difficulty increase is threatening to exert financial pressure on mining companies, particularly those that are already working under reduced profits after the&nbsp;<a href="https://www.thecoinrepublic.com/2024/04/15/bitcoin-halving-can-cause-5b-losses-to-miners-in-btc-report/" rel="noopener noreferrer nofollow">halving of Bitcoin</a>&nbsp;in April, which saw block rewards drop from 6.25 BTC to 3.125 BTC.</p>
<p>Nevertheless, CleanSpark still has a positive outlook regarding its prospects and its ability to overcome these obstacles. The company’s acquisition strategy coupled with the investment made in the best hardware makes the company best placed to excel in the long run. Some miners have already started adding new services, for example, providing computing power to the companies engaged in the development of artificial intelligence (AI). Some others are looking for new technologies, such as fractal Bitcoin, which can provide miners with other sources of income. CleanSpark, however, remains to be primarily focused on the Bitcoin mining space.</p>
<h2 class="wp-block-heading" id="h-outlook-for-cleanspark"><strong>Outlook for CleanSpark</strong></h2>
<p>As CleanSpark brings on its new Tennessee facilities, it wants to demonstrate how Bitcoin mining can positively impact communities and power grids. While some of the preceding operators in the region have been criticized for noise pollution and not being tax compliant, CleanSpark aims to mitigate such concerns given its focus on the community.</p>
<p>The company has a history of giving back to the communities and plans on implementing the same in Tennessee.</p>
<p>The consistent growth in CleanSpark’s capacity and hashrate is a testament to the company’s ability to expand its operations effectively. The company has acquired new mining hardware and is planning to expand its sites to meet its goal of reaching 37 EH/s before the end of the year.</p>
<p>CleanSpark’s flexibility in the current market while delivering operational excellence provides it with a competitive advantage in the current complex Bitcoin mining environment. CleanSpark is fourth in the market capitalization rankings among Bitcoin mining companies.</p>
<p>The post <a href="https://www.thecoinrepublic.com/2024/09/12/bitcoin-hashrate-gets-a-boost-after-cleansparks-27-5m-deal/" rel="noopener noreferrer nofollow">Bitcoin Hashrate Gets A Boost After CleanSpark’s $27.5M Deal</a> appeared first on <a href="https://www.thecoinrepublic.com" rel="noopener noreferrer nofollow">The Coin Republic</a>.</p>

Bitcoin Hashrate Gets A Boost After CleanSpark’s $27.5M Deal

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