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Bitcoin (BTC) mining company Cleanspark is expanding its business by acquiring two Bitcoin mining sites in Dalton, Georgia for $9.3 million.
The facility will house over 6,000 Bitcoin mining machines, including the latest generation Antminer S19 XP and S19j Pro+ units.
These machines were ordered and paid for by CleanSpark earlier this year. The acquisition is part of the company’s plan to reach its hash power target of 16 exahash per second (EH/s) by the end of 2023.
CleanSpark CEO Zach Bradford said in a statement, “This acquisition will ensure we have sufficient infrastructure to meet our year-end target of 16 EH/s.”
“These two additional locations deepen our ties with Georgia’s rural communities, where we develop our local expertise as large-scale, flexible loads. Our efforts are bringing economic growth to the suburbs and rural areas where we operate,” he added.
The deal, which is expected to close later this week, will increase CleanSpark’s computing power by approximately 1 EH/s. This is about a 15% increase compared to the existing hash rate of 6.7 EH/s.
Hoarding of mining machines by CleanSpark
The expansion follows CleanSpark’s recent machine purchase in June, when the company purchased 12,500 new Bitmain Antminer S19 XP units.
The acquisition is expected to add a total of 10.5 EH/s to CleanSpark’s current hash rate.
CleanSpark’s Bradford said, “This acquisition ensures that we can reach and potentially exceed our year-end target of 16 EH/s, as well as being the most power efficient on an energy per hash rate basis. It can be one of the miners with a high . at the time.
But as the bitcoin mining industry continues to grow amidst the tough conditions in the spot bitcoin market, questions are being raised about its profitability.
So far in 2023, Bitcoin mining profitability has increased from $0.06 per day at 1 THash/s on January 1, to $0.07 per day as of June 22, according to data from BitInfoCharts. The dollar has risen slightly.
Still, from a long-term perspective, mining profitability is still well below the 2021 Bitcoin bull market high, which reached more than $0.4 per THash/s per day.