America’s Bitcoin miner, CleanSpark, is expanding its operations greatly, breaking ground on a new facility in Cheyenne, Wyoming, which is expected to be operational by the end of the year.
The new venture is part of a broader expansion strategy that includes acquiring a second Wyoming site and a move into Tennessee through the acquisition of GRIID Infrastructure. After flipping Riot Platforms, the US miner is now the second-largest by market cap.
CleanSpark Expands in Wyoming: What’s Next for Their Bitcoin Mining Ecosystem?
On August 1, CleanSpark announced the execution of 75 MW of power contracts and the acquisition of its first Bitcoin mining site in Wyoming. The new site, with a power capacity of 30 MW, is projected to add over 2 exahashes per second (EH/s) to CleanSpark’s hashrate once operational.
Located in Cheyenne, this facility will be the second fully immersion-cooled site in CleanSpark’s portfolio. Construction will begin immediately, and operations are expected to commence before the end of 2024.
We’ve executed 75 MW of power contracts and completed the acquisition of our first #Bitcoin mining site in Wyoming! With a power capacity of 30 MW, it’s expected to add over 2 EH/s to CleanSpark’s #hashrate before the end of the year. 🦬
The location in Cheyenne is planned to… pic.twitter.com/6yKLTVd9JE
— CleanSpark Inc. (@CleanSpark_Inc) August 1, 2024
CleanSpark plans to deploy the new S21 immersion XPs, the most powerful and efficient Bitcoin mining machines currently available.
The company is also working to expand the site’s power capacity to boost operational output further. With these energy contracts finalized, CleanSpark is moving forward with acquiring a second site in Wyoming, which will add another 45 MW and contribute an additional 3 EH/s to the company’s hashrate.
With this acquisition, CleanSpark’s owned-and-operated Bitcoin mining portfolio now includes twelve data centers in Georgia, three in Mississippi, one in Wyoming, and co-locations in Tennessee and New York.
CleanSpark anticipates further increasing its operational hashrate in Tennessee following the pending acquisition of GRIID Infrastructure. CleanSpark CEO Zach Bradford expressed enthusiasm about the expansion into Wyoming, stating,
“We are thrilled to expand in a state that supports our industry, especially following the University of Wyoming’s launch of its Bitcoin Research Institute and Senator Lummis’s introduction of the BITCOIN Act, Collaborating with local, state, and national leaders, CleanSpark aims to grow its footprint beyond Cheyenne and throughout Wyoming.”
Can CleanSpark’s Massive Expansion Keep Up with Bitcoin Mining Demands?
The expansion into Tennessee is set to add more than 400 MW of capacity over the next two years through the $155 million acquisition of GRIID Infrastructure. This acquisition also includes a co-location facility in New York.
CleanSpark has rapidly grown to become the United States’ second-largest crypto miner by market cap, surpassing Riot Platforms in the second quarter of this year.
The company has been expanding its operations, adding new facilities across various states. In February, CleanSpark added a facility in Georgia, bringing its total to six in that state, and expanded into Mississippi with three turnkey operations.
Bitcoin miner CleanSpark increased its Bitcoin production by 6.7% in June, surpassing its mid-year hashrate target of 20 exahashes per second (EH/s). The U.S.-based miner sold only 8 of the 445 Bitcoin mined in June, bringing its total Bitcoin holdings to 6,591 BTC as of June 30, valued at over $4 billion at current prices.
In a July 2 statement, CleanSpark CEO Zach Bradford announced that the firm’s hashrate now stands at 20.4 EH/s, more than double what it was in December 2023. This milestone was achieved after installing 1.7 EH/s of new miners at five new facilities in Georgia.
On June 27, CleanSpark announced a $155 million merger with GRIID Infrastructure. The merger acquired GRIID’s issued and outstanding common stock and assumed its debts. It also provided CleanSpark with an additional 20 megawatts of power.
According to Google Finance, despite these achievements, CleanSpark’s stock fell over 5.69% to $15.09 on August 1. However, the stock is still up 38.69% in 2024 and 158.39% over the last 12 months.
