BTC miner CleanSpark is set to double its hashrate before halving Bitcoin.

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Preparing to halve for Bitcoin this year, crypto mining company CleanSpark announced A doubling hashrate awaits on February 6.

Alongside the forecast, the crypto mining company has announced the purchase of three mining operations in Mississippi for $19.8 million. An additional Dalton, Georgia facility was purchased for $6.9 million.

According to CleanSpark, the facilities in Mississippi are expected to produce 2.4 exhashes per second (EH/s) once the acquisition is complete. The mine in Georgia is expected to use 0.8 EH/s. Following the announcement, CleanSpark shares rose 12%, closing the trading day at $8.70.

These purchases and expansions are in anticipation of the Bitcoin halving event, which is likely to occur in late April or early May 2024.

By increasing the hash rate, CleanSpark aims to improve its performance and maintain its competitiveness. The company's CEO, Zach Bradford, has outlined the company's future prospects by setting the significance of these acquisitions at a halve.

“Given our footprint in Dalton, we expect to triple our footprint with a minimal increase in our capital expenditures,” said Zach Bradford, CEO of CleanSpark.

Bradford said CleanSpark has gradually increased its geographic diversity and is “one of the few public miners to reach scale.”

The Bitcoin halving event is designed to reduce the rewards for successfully mining Bitcoin. It occurs approximately once every four years, based on 210,000 block production cycles. After this year's halving, 29 more halving events are expected to occur by at least 2140 if the rate continues in the predicted four-year cycle. This is part of Bitcoin's mining algorithm to maintain scarcity and prevent inflation. Currently, miners are rewarded with 6.25 BTC, which will be halved to 3.125.

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