CleanSpark acquires two new Bitcoin mining plants in Mississippi

Key Takeaways

• CleanSpark acquired two Bitcoin mining sites in Mississippi for $5.775 million, adding 16.5 MW capacity.
• The company closed on a 45 MW site in Wyoming, expected to contribute 3 EH/s to its hashrate.

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

The Mississippi acquisitions amounted to $5.775 million and will support 16.5 megawatts of capacity. Both plants are expected to be operational by Dec. 1, 2024.

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

“Including today’s announcement, our operational capacity has soared over the last seven days totaling 211.5 MW of new capacity. That’s an increase of nearly 38 percent, which will not only support our target of 37 EH/s by the end of 2024, but also our target of 50 EH/s in 2025,” Zach Bradford, CEO of CleanSpark, stated.

Notably, CleanSpark finalized 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, featuring immersion-cooled Bitcoin mining data centers for S21 immersion XPs.

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

September strides

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

CleanSpark reported $104.1 million in revenue for the third quarter, which wasn’t enough to prevent a net loss of $236.2 million in the period. Nevertheless, its revenue grew 129% year-on-year.

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