CleanSpark acquires 7 mining sites in Tennessee, hashrate to grow 22%

The United States Bitcoin miner CleanSpark has agreed to purchase seven cryptocurrency mining facilities and their associated land in the Knoxville, Tennessee, area. The new acquisitions will boost CleanSpark’s hashrate by 22%, the company said.

According to a trade publication, CleanSpark is purchasing the new facilities from Exponential Digital. CleanSpark said it is paying $27.5 million in cash for the new facilities and expects the deal to close by Sept. 25.

CleanSpark revving up the exahashes

The seven facilities have capacities ranging from 10 megawatts (MW) to 20 MW, for a total of 85 MW. They will provide 5 exahashes per second (EH/s) when equipped with Bitmain S21 pro-application-specific integrated circuit (ASIC) miners. CleanSpark CEO Zach Bradford said in a statement:

"With this additional 5 EH/s expected to begin hashing over the coming weeks, we now expect to achieve 37 EH/s before the end of 2024.”

Bradford added that the purchase of the ASICs was timed to lock in low prices and that they would be installed “promptly” at CleanSpark’s new sites.

Bradford said CleanSpark would “continue showcasing how Bitcoin can benefit the local power grid and communities where we’re located.” However, Exponential Digital’s Tennessee operations have been criticized for their noise and not contributing to the local tax base.

Related: CleanSpark's mining expansion continues with Wyoming facilities

CleanSpark’s continuing growth

In June, CleanSpark reached an agreement to purchase GRIID Infrastructure, acquiring its Tennessee facilities. That all-stock transaction was worth $155 million and is expected to close this month.

Source: CleanSpark Inc

In addition, CleanSpark powered up the fourth campus at its Dalton, Georgia, facilities in the first week of September and added 50 MW of capacity to its Sandersville, Georgia, facility this week. It has deployed nearly $1 billion of capital and operates 500 MW in Georgia.

CleanSpark mined 478 Bitcoin ( BTC ) in August. That month, it sold 2.5 BTC at an average price of $56,729, leaving it with 7,558 BTC. Its average hashrate in August was 21.3 EH/s. At the end of the second quarter of 2024, CleanSpark  was the second-largest  Bitcoin miner by market cap.

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