Bitcoin miner CleanSpark is set to double its hash rate as it approaches its halving.
Bitcoin (BTC) miner CleanSpark Inc. has agreed to buy four new mining facilities before its reward for mining the cryptocurrency is halved. It is set to double its hash rate by the first half of 2024.
CleanSpark announced on February 6 that it has purchased three mining facilities in Mississippi for $19.8 million, which will generate 2.4 exahashes/second (EH/s) immediately upon completion of the acquisition.
The company has agreed to purchase an additional mining site in Dalton, Georgia for $6.9 million, which will produce 0.8 EH/s. However, this facility is under construction and will not be ready until April 2024. Shares of CleanSpark rose 12 percent the day after the announcement.
Combined with the near-term power of the Sanderville expansion — which is set to add 6 EH/s to the enterprise's hash rate — CleanSpark expects its operational hash rate to at least double from 10 EH/s to 20 EH/s in the first half. In the year 2024
Today we announced two new acquisitions, which, combined with the recent energy from the Sanderville expansion, will double our current operating capacity of 10 EH/s and provide us with the additional power we need to exceed 20 EH/s by the first half of 2024. $CLSK is testing… pic.twitter.com/LLge0BlcOV
– CleanSpark Inc. (@CleanSpark_Inc) February 6, 2024
The moves come on the heels of CleanSpark's upcoming Bitcoin halving event scheduled for late April, which will see the bitcoin withdrawal reward drop from 6.25 BTC to 3.125 BTC.
“[The purchases] As we prepare to cut in half, we will improve our operational efficiency,” CleanSpark CEO Zach Bradford said in the announcement.
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CleanSpark ( CLSK ) closed trading at $8.70 on February 6, a gain of more than 12% on the day and a modest gain of less than 0.5% in afternoon trading on Google Finance.
Shares of its two competitors, Marathon Digital Holdings and Riot Platform, rose 2.5% and 4.5% on the day.
CleanSpark shares are up 440% since 2023. CleanSpark has adjusted prices to start 2024 and is currently down 20% year-over-year.
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