Bitcoin (BTC) miner CleanSpark is increasing operations within the state of Georgia, including to its mining capability regardless of the continuing bear market.
Groundbreaking on a brand new 50-megawatt Bitcoin mining facility in Washington, Georgia, is underway, with anticipated completion in late spring, CleanSpark disclosed on Jan. 19. The almost $16 million growth is anticipated to extend the corporate’s hashrate by 2.2 exahashes per second, with whole hashrate reaching as excessive as 8.7 EH/s.
The expanded facility will host as much as 16,000 miners, together with newly added Antminer S19j Professional and Antminer S19 XP fashions.
With projected completion of the 50 MW in late spring, we anticipate our #hashrate to succeed in as excessive as 8.7 EH/s.
— CleanSpark Inc. (@CleanSpark_Inc) January 19, 2023
“This second section greater than doubles the dimensions of the prevailing operations,” mentioned CEO Zach Bradford.
CleanSpark bought its Georgia web site in August earlier than buying native mining facility Mawson Infrastructure Group the next month for $33 million. On the time, the corporate mentioned it deliberate to assist a mining fleet of as much as 70,000 models in 2023.
CleanSpark acquired approval to commerce publicly on the Nasdaq inventory trade in early 2020. The next yr, the corporate raised $200 million in capital through an fairness providing.
With the worth of Bitcoin plunging greater than 76% peak-to-trough, miners have been pressured to rethink their enterprise methods to outlive in the long run. One of many business’s greatest gamers, Core Scientific, filed for Chapter 11 chapter in December. Mining outfit Greenridge, in the meantime, acquired a $74 million lifeline simply to remain afloat.
Associated: Crypto miner explains how Bitcoin mining stabilizes grids
Some miners have thrived through the bear market by lowering power prices and avoiding extreme leverage. In October, CleanSpark’s govt chairman Matthew Shultz advised Cointelegraph that “Bitcoin mining is a possible answer for creating extra alternatives for power growth.”