Bitcoin miner CleanSpark acquires site in Georgia, plans to scale it to 86 megawatts

Quick Take

  • Bitcoin miner CleanSpark is buying a 36-megawatt facility in Georgia for $16.2 million.
  • The new site can be expanded up to 86 megawatts in energy capacity. The company bought roughly 3,400 rigs that were already operating in the new Georgia location. 

CleanSpark acquired a 36-megawatt mining facility in Georgia from vertically integrated bitcoin miner Waha Technologies for $16.2 million.

The new site will add 1.1 exahash per second (EH/s) to the company's hash rate (a 38% increase), according to a statement released Tuesday. It can be scaled by 50 megawatts, totaling 86 megawatts.

The miner bought roughly 3,400 rigs that were already operating in the new Georgia location for $8.9 million. They represent about 0.34 EH/s.

CleanSpark will fill the balance of the 36 megawatts with machines it has already paid for. The company has been stocking up on ASICs recently, taking advantage of the current buyer's market. It acquired 1,800 bitcoin miners in June and 1,061  additional ones in July. 

"The market has been preparing all summer for consolidation, and we are pleased to be on the acquiring side," CleanSpark CEO Zach Bradford said. "Our focus on sustainability and maximizing value for our stakeholders have put us in a unique position to take advantage of the unprecedented opportunities that the current market has created."

CleanSpark announced last week that it generated roughly $8.8 million from the sale of 426 BTC in July, based on an average bitcoin price of $20,768.

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