Bitcoin mining stalwart continues its facility-buying spree

The purchase of five sites in Georgia set to help CleanSpark hit its mid-year operating hash rate target of 20 EH/s

June 18, 2024 10:50 am

Artie Medvedev/Shutterstock modified by Blockworks

CleanSpark CEO Zach Bradford has said his company would be one of the industry’s most active acquirers around the Bitcoin halving.

He wasn’t lying.

The Las Vegas-based company said Tuesday it has bought five more bitcoin mining facilities in Georgia for nearly $26 million. The sites have a combined infrastructure capacity of 60 megawatts and are set to add about 3.7 exahash per second to CleanSpark’s operating hashrate.

Read more: Buyers and sellers: How bitcoin miners are thinking about post-halving M&A

“These sites not only enhance the load balancing capabilities for the local cities we work with, but lock in the achievement of our mid-year target of achieving 20 EH/s of operating hash rate,” Bradford said in a statement.

This isn’t CleanSpark’s first facility purchase in 2024.

The company bought three facilities in Mississippi in February for roughly $20 million. It then revealed in May that it was set to spend nearly $19 million to acquire 75 MW worth of mining sites in Wyoming.

The latter purchase was disclosed just ahead of CleanSpark’s first quarter earnings call.

Bradford, during the call, reiterated the company’s intent to be among the mining segment’s “most measured and active acquirers.”

“Many try to find a single metric that levels the playing field between small and large miners, but the playing field isn’t level,” he added at the time. “A company that has scale can achieve escape velocity with much lower incremental inputs.”

CleanSpark mined 417 BTC in May — the first full month after per-block mining rewards dropped from 6.25 BTC to 3.125 BTC on April 19. That total was behind Marathon (616 BTC) and Core Scientific (447 BTC).

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