Key Takeaways
- CleanSpark expands with a new facility in Wyoming, boosting hash rate.
- Company secures 75 MW of power contracts in Wyoming, adding significant mining capacity.
- Acquisition of GRIID Infrastructure expands CleanSpark's operations in Tennessee.
CleanSpark Solidifies Position as Leading US Bitcoin Miner
Nasdaq-listed Bitcoin miner CleanSpark is pushing forward with its expansion strategy, launching a new facility in Cheyenne, Wyoming. The facility is expected to be operational by the end of the year. Additionally, CleanSpark is acquiring a second site in Wyoming and is set to expand into Tennessee through its acquisition of GRIID Infrastructure.
CleanSpark has secured 75 megawatts (MW) of power contracts in Wyoming. The new facility will initially use 30 MW to run S21 immersion XP application-specific integrated circuits (ASICs), boosting the company’s hash rate by 2 exahashes per second (EH/s). The remaining 45 MW will support the second Wyoming site, which is expected to add 3 EH/s to the hash rate once operational. CleanSpark is also actively pursuing additional power sources to maximize efficiency at its facilities.
Expansion into New Markets
Historically, CleanSpark’s operations have been concentrated in Georgia and Mississippi. The company is now venturing into Wyoming, a state with a supportive stance toward the Bitcoin industry. CleanSpark CEO Zach Bradford expressed excitement about the expansion, noting the recent launch of the University of Wyoming’s Bitcoin Research Institute and Senator Lummis’s introduction of the BITCOIN Act as key factors in their decision.
In Tennessee, CleanSpark aims to add over 400 MW of capacity within two years through its acquisition of GRIID Infrastructure in a $155 million deal. This acquisition also includes a co-location in New York, further extending CleanSpark’s reach.
Rising in the Industry
In the second quarter of this year, CleanSpark overtook Riot Platforms to become the second-largest Bitcoin miner in the United States by market capitalization. CleanSpark’s aggressive expansion has played a significant role in this growth. In February, CleanSpark added a facility in Georgia and expanded into Mississippi with three turnkey operations. By June, the company had increased its number of facilities in Georgia to 12, solidifying its presence in the state. In June alone, CleanSpark mined 445 Bitcoin, contributing to an annual total of 3,614 Bitcoin. As of June 30, the company sold 8.06 Bitcoin and held 6,591 Bitcoin.
