CleanSpark Acquires Two New Bitcoin Mining Plants in Mississippi

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CleanSpark Inc. acquired two Bitcoin (BTC) mining sites near Clinton, Mississippi, and closed a second site in Wyoming, according to a September 17 announcement.

The purchases in Mississippi totaled $5.775 million and will support 16.5 megawatts of capacity. Both plants are expected to be operational by December 1, 2024.

The new sites in Mississippi will host the Bitmain Antminer S21 Pro, adding approximately 1 exahash per second (EH/s) to CleanSpark’s operating rate. This expansion brings the company’s data center portfolio in Mississippi to 60.5 megawatts.

“Including today’s announcement, our operational capacity has increased over the past seven days, totaling 211.5 MW of new capacity. This is an increase of nearly 38%, which will not only support our goal of 37 EH/s by the end of 2024, but also our goal of 50 EH/s in 2025,” said Zach Bradford, CEO of CleanSpark.

Notably, CleanSpark completed its previously announced 45 megawatt site in Wyoming on September 11, 2024.

This location is set to contribute an additional 3 EH/s to the company’s hash rate upon completion by providing immersion-cooled Bitcoin mining data centers for S21 immersion XPs.

The Bitcoin mining company recorded an average operational hash rate of 21.3 EH/s in August, resulting in 478 BTC mined in the same month. This means a daily average of 15.43 BTC mined, with 17.88 BTC mined in a single day. The total amount mined to date is 4,586 BTC.

September steps

Furthermore, the Bitcoin mining firm announced on September 11th the addition of 5 EH/s by acquiring seven additional mining facilities in Tennessee. The total purchase cost is $27.5 million, about $324,000 per megawatt. CleanSpark expects to shut down each of the seven new sites before September 25, adding 22% to its current hash rate capacity.

CleanSpark reported revenue of $104.1 million for the third quarter, which was not enough to prevent a net loss of $236.2 million in the period. However, its revenue is up 129% year over year.

The company currently holds $1.48 billion in total assets, and $625.8 million of that is related to mining assets such as prepaid deposits and deployed mining hardware. Bitcoin stash is the second largest holding, worth $413 million.

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