2024

Bitcoin

April

CleanSpark is set to double its hash rate in the first half of 2024 after the Bitcoin&nbsp;miner agreed to purchase four new mining facilities before the cryptocurrency mining reward is halved.
CleanSpark <a href="https://www.cleanspark.com/blog/cleanspark-announces-two-new-acquisitions-securing-power-and-infrastructure-to-reach-20-eh-s" target="_blank" rel="noopener nofollow">announced</a> on Feb. 6 that it bought three Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) mining facilities in Mississippi for $19.8 million, which will produce an immediate 2.4 exahashes/second (EH/s) once the purchase is finalized.
The firm also agreed to buy an additional mining facility in Dalton, Georgia, for $6.9 million, which will produce 0.8 EH/s. However, that facility is under construction and won’t be ready until April 2024. CleanSpark’s shares saw a 12% gain on the day following its announcement.
Combined with the imminent energization of <a href="https://cointelegraph.com/news/bitcoin-miner-cleanspark-purchases-45-000-asics-for-145m">its Sandersville expansion</a>, which is set to add six EH/s to the firm’s hash rate, CleanSpark expects its operating hash rate to at least double from 10 EH/s to 20 EH/s during the first half of 2024.
<blockquote class="twitter-tweet">
 Today we announced two new acquisitions, that combined with the imminent energization of the Sandersville expansion, provide us the additional power needed to double our current operational <a href="https://twitter.com/hashtag/hashrate?src=hash&amp;ref_src=twsrc%5Etfw">#hashrate</a> of 10 EH/s and exceed 20 EH/s during the first half of 2024.<a href="https://twitter.com/search?q=%24CLSK&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$CLSK</a> is venturing… <a href="https://t.co/LLge0BlcOV">pic.twitter.com/LLge0BlcOV</a>— CleanSpark Inc. (@CleanSpark_Inc) <a href="https://twitter.com/CleanSpark_Inc/status/1754870619450056979?ref_src=twsrc%5Etfw">February 6, 2024</a>
</blockquote> 
The moves come as CleanSpark prepares for the <a href="https://cointelegraph.com/learn/bitcoin-halving-how-does-the-halving-cycle-work-and-why-does-it-matter">upcoming Bitcoin halving event</a> slated for late April, where the reward for mining a Bitcoin is slashed from 6.25 BTC to 3.125 BTC.
“[The purchases] improve our operating efficiencies as we prepare for the halving,” said CleanSpark CEO Zach Bradford in the announcement.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-02/453ea921-2e00-40fe-b9e8-c642e834a581.png" alt="" title="">
 <figcaption style="text-align: center;">
 CleanSpark’s current and projected future hash rates by location. Source: CleanSpark
 </figcaption>
</figure>
Related: <a href="https://cointelegraph.com/news/riot-terawulf-cleanspark-miners-bitcoin-halving-coinshares">Riot, TeraWulf and CleanSpark best-positioned miners for Bitcoin halving — CoinShares</a>
CleanSpark closed trading on Feb. 6 at $8.70, an over 12% gain on the day and has seen slight gains of under 0.5% in after-hours trading, per Google Finance.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-02/313c0891-095a-469f-894a-47a16cb119a5.png" alt="" title="">
 <figcaption style="text-align: center;">
 CLSK’s share price on Feb. 6. Source: Google Finance
 </figcaption>
</figure>
The share prices of two of its competitors, Marathon Digital Holdings and Riot Platforms, increased on the day by 2.5% and 4.5%, respectively.
<a href="https://cointelegraph.com/news/bitcoin-miner-cleanspark-launch-in-house-trading-desk-report">CleanSpark shares increased 440%</a> over 2023. CleanSpark underwent a price correction to start 2024 and is currently down 20% year-to-date.
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Bitcoin miner CleanSpark set to double hash rate as halving approaches

Cointelegraph

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