Bitcoin (BTC) miner CleanSpark is increasing operations within the state of Georgia, including to its mining capability regardless of the continued 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 practically $16 million enlargement is predicted 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 count on our #hashrate to achieve as excessive as 8.7 EH/s.
— CleanSpark Inc. (@CleanSpark_Inc) January 19, 2023
“This second part greater than doubles the scale of the prevailing operations,” stated CEO Zach Bradford.
CleanSpark bought its Georgia website in August earlier than buying native mining facility Mawson Infrastructure Group the next month for $33 million. On the time, the corporate stated it deliberate to help a mining fleet of as much as 70,000 models in 2023.
CleanSpark acquired approval to commerce publicly on the Nasdaq inventory alternate in early 2020. The next 12 months, 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 trade’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.
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Some miners have thrived in the course of the bear market by decreasing power prices and avoiding extreme leverage. In October, CleanSpark’s govt chairman Matthew Shultz instructed Cointelegraph that “Bitcoin mining is a possible answer for creating extra alternatives for power growth.”