CleanSpark to Boost Hashrate by 5 EH/s with Acquisition of Seven Tennessee Sites

CleanSpark is set to take control of seven mining facilities in Knoxville, Tennessee, with an available capacity of 85 MW. The deal is valued at $27.5 million.

Hopefully this news will Knox-ville your socks off. ?

We’ve entered into definitive agreements to acquire 7 #Bitcoin mining facilities and certain associated land in the Knoxville, Tennessee, area with 85 MW of immediately available capacity, anticipated to add 5 EH/s to our… pic.twitter.com/x5X71YJtkX

— CleanSpark Inc. (@CleanSpark_Inc) September 11, 2024

By September 25, the firm will complete the installation of Bitmain’s Antminer S21 Pro at the sites.

“With the additional 5 EH/s, we expect to reach 37 EH/s by the end of 2024,” commented CleanSpark CEO Zach Bradford.

This acquisition is another step in the company’s growth strategy.

“We plan to expand our presence in the region, continuing to demonstrate how Bitcoin can benefit the local energy system,” added Bradford.

In June, CleanSpark acquired competitor GRIID for $155 million. Its facilities are also located in Tennessee.

In August, the company acquired an operational Bitcoin mining facility in Wyoming with an available capacity of 75 MW.

CleanSpark’s data centers are also located in Georgia and Mississippi.

Earlier, Bernstein analysts rated the company’s shares as “outperform,” highlighting them alongside MARA, IREN, and Core Scientific. CleanSpark is in “the best combination of energy efficiency and realized hashrate/uptime,” they added.