CleanSpark expects the hash rate to double in advance of Bitcoin stripping.

A prominent participant in the Bitcoin mining industry is CleanSpark Inc. He plans to increase the hashrate of his work. The company aims to double its hash rate in preparation for the upcoming Bitcoin halving event.

In this regard, the company has demonstrated strategic acquisitions and expansion initiatives to increase its mining capacity and geographic reach.

Bitcoin mining facility purchases

In a recent press release, CleanSpark revealed its agreement to purchase three key Bitcoin mining sites in Mississippi for a total cash payment of $19.8 million. These acquisitions, which are expected to close within 21 days, are expected to significantly increase the company's operating hash rate.

When closed, the combined facilities in Mississippi are expected to contribute 2.4 EH/s (exahashes per second) to CleanSpark's mining operations.

The company plans to acquire a third mine under construction in Dalton, GA. With an initial cash payment of $3.4 million and an additional investment of $3.5 million to complete the project, this facility is expected to be operational in April 2024 with an expected hash rate of 0.8 EH/s.

The company is expanding its existing Dalton campus and plans to add another 0.8 EH/s to its current operational hash rate of 0.8 EH/s. Once all facilities at Dalton are operating at full capacity, CleanSpark expects to achieve a total operational hash rate of 2.4 EH/s, increasing its mining capacity.

These announcements follow CleanSpark's strategic agreement in January to purchase up to 160,000 S21 miners, paving the way for a hash rate of 50 EH/s.

CleanSpark's CEO is promising in the midst of expansion efforts

CleanSpark CEO Zach Bradford expressed his optimism for the company's expansion efforts.

“I am pleased to announce our recent expansion into Mississippi and our new acquisition in Dalton, which will strengthen our ties in this vibrant community and improve our operational efficiency as we prepare for the halving,” said Bradford.

With these developments, CleanSpark aims to grow to over 20 EH/s by the first half of 2024, doubling the current working hash rate of 10 EH/s. The company plans to finance purchases with cash.

Bradford further highlighted CleanSpark's focus on geographic diversification and operational efficiency. “With the addition of Mississippi to our portfolio, we are gradually increasing our geographic diversity and applying our proven track record of success to this new and exciting operating environment,” he explained.