TL;DR
- CleanSpark Inc., a prominent Bitcoin miner, has announced a strategic plan to double its operating hash rate from 10 EH/s to an estimated 20 EH/s in the first half of 2024.
- The company’s plan involves the acquisition of four new mining facilities, three in Mississippi and one in Dalton, Georgia.
- Following the announcement, there was a notable increase of 12% in CleanSpark’s share value, underscoring the company’s commitment to strengthening its position.
CleanSpark Inc., a prominent Bitcoin miner, has announced plans to double its operating hash rate in the first half of 2024. This bold decision comes ahead of the anticipated Bitcoin halving event slated for late April, where the reward for mining a Bitcoin will be halved from 6.25 BTC to 3.125 BTC.
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 #hashrate of 10 EH/s and exceed 20 EH/s during the first half of 2024.$CLSK is venturing… pic.twitter.com/LLge0BlcOV
— CleanSpark Inc. (@CleanSpark_Inc) February 6, 2024
CleanSpark’s plan involves the acquisition of four new mining facilities. On February 6, the company revealed that it had purchased three mining facilities in Mississippi for $19.8 million. Once the purchase is finalized, these facilities are expected to produce an immediate 2.4 exahashes per second (EH/s).
In addition, CleanSpark has agreed to buy another mining facility in Dalton, Georgia for $6.9 million. This facility, which is currently under construction, will produce 0.8 EH/s and is expected to be ready by April 2024.
Following the company’s recent announcement, there was a notable increase of 12% in its share value. The company is on the verge of energizing its expansion in Sandersville, which is projected to contribute an additional 6 EH/s to the firm’s hash rate.
CleanSpark Prepares for the Halving with Increased Efficiency
Consequently, CleanSpark anticipates that its operational hash rate will likely experience a twofold increase, rising from 10 EH/s to an estimated 20 EH/s within the first six months of 2024.
CleanSpark’s CEO, Zach Bradford, stated in the announcement, “The purchases improve our operating efficiencies as we prepare for the halving”. This move is seen as a strategic one, positioning the company to maximize its mining operations in anticipation of the Bitcoin halving event.
The company’s share price closed at $8.70 on February 6, marking an over 12% gain on the day. On the same day, the stock values of two rival companies, Marathon Digital Holdings, and Riot Platforms, also experienced an upward trend. Specifically, Marathon Digital Holdings saw a 2.5% rise in shares, while Riot Platforms enjoyed a slightly higher increase of 4.5%.
This bold move by CleanSpark underscores the company’s commitment to strengthening its position in the Bitcoin mining industry. As the halving event approaches, all eyes will be on CleanSpark to see how this strategy plays out.
