Bitcoin mining firm CleanSpark is taking strides to expand its operations with the acquisition of two Bitcoin mining sites in Dalton, Georgia, costing $9.3 million. These facilities are designed to accommodate over 6,000 Bitcoin mining machines, including the cutting-edge Antminer S19 XP and S19j Pro+ units. CleanSpark ordered these machines earlier this year, and this move is part of the firm’s goal to achieve a hash power target of 16 exahash per second (EH/s) by the end of 2023.
CleanSpark’s CEO, Zach Bradford, commented on the acquisition, “This ensures that we have more than enough infrastructure to reach our year-end target of 16 EH/s.” He added that these two additional sites demonstrate CleanSpark’s deepening ties with rural communities in Georgia, helping spur economic growth in the suburban and rural areas where the operations take place.
The deal, set to be finalized later this week, will contribute to a 15% increase in CleanSpark’s computing power, from its current 6.7 EH/s hash rate to around 1 EH/s. This expansion comes on the heels of CleanSpark’s June purchase of 12,500 new Bitmain Antminer S19 XP units, which are anticipated to add a total of 10.5 EH/s to its current hash rate.
Bradford believes these acquisitions position CleanSpark as one of the most power-efficient miners on an energy-per-hashrate basis and help reach or potentially exceed their 16 EH/s year-end target. However, increasing competition in the Bitcoin mining industry and the fluctuating conditions of the Bitcoin market raise questions about long-term profitability.
In 2023, Bitcoin mining profitability has seen a slight increase, from $0.06 per day for 1 THash/s on January 1 to $0.07 per day as of June 22, as reported by BitInfoCharts’ data. Nevertheless, mining profitability remains significantly lower than the highs from the 2021 Bitcoin bull market, when it peaked at over $0.4 per day for 1 THash/s.
While CleanSpark’s efforts in expanding its mining operations and enhancing power efficiency appear promising, the long-term profitability of Bitcoin mining amid market challenges still remains uncertain. For now, CleanSpark continues to forge ahead, relying on strategic acquisitions and improved infrastructure to achieve its ambitious hash power goals.
Source: Cryptonews
