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CleanSpark expands operations in Georgia

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 CleanSpark expands operations in Georgia





Despite the prolonged bear market, CleanSpark is expanding operations in the state of Georgia and increasing its mining capacity. 

CleanSpark said on January 19 that construction has begun on a new 50 megawatt Bitcoin mining facility near Washington, Georgia, and that it will be finished by late spring. The company's hashrate is anticipated to rise by 2.2 exahashes per second as a result of the almost $16 million expansion, with a potential total hashrate of 8.7 EH/s. 

Up to 16,000 miners, including the recently added Antminer S19j Pro and Antminer S19 XP variants, will be housed in the new facility.

According to CEO Zach Bradford, "this second phase more than doubles the size of the current operations."

Prior to purchasing the local mining operation Mawson Infrastructure Group the following month for $33 million, CleanSpark acquired its Georgia location in August. The business declared at the time that it will support a fleet of mining vehicles totaling up to 70,000 units by 2023. 

Early in 2020, CleanSpark got authorization to conduct open trading on the Nasdaq stock exchange. The business raised $200 million through an equity offering the following year.

In order to thrive over the long run, miners have been compelled to reevaluate their business plans as the price of Bitcoin has dropped more than 76% from peak to trough. Core Scientific, one of the major competitors in the sector, filed for Chapter 11 bankruptcy in December. Greenridge, a mining company, received a $74 million lifeline to help it survive.

Some miners have prospered in the downturn market by using less energy and avoiding using too much leverage. According to Matthew Shultz, executive chairman of CleanSpark, "Bitcoin mining is a possible answer for creating more prospects for energy development," he said to Cointelegraph in October.

Article Credit: CoinTelegraph

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