CleanSpark doubles down on Bitcoin mining with new Mississippi acquisitions

CleanSpark said its operational capacity has surged by 38% during the past week.

CleanSpark has intensified its Bitcoin mining efforts by acquiring two new sites near Clinton, Mississippi.

On Sept. 17, the Bitcoin miner revealed that the new sites were purchased for $5.775 million and can support 16.5 megawatts.

According to the firm, the locations will house S21 Pro miners, providing a combined operating hash rate of roughly one exahash per second (EH/s). It added that it would receive the site turnkey-ready by Dec. 1. With these additions, the company’s data center capacity in Mississippi will grow to 60.5 MW.

Over the past week, CleanSpark’s operational capacity has surged by 38%, reaching 211.5 MW. This expansion supports the company’s goal of achieving a 37 EH/s capacity by the end of 2024 and 50 EH/s by 2025, according to CEO Zach Bradford.

In a separate update, CleanSpark confirmed the closure of its 45 MW site in Wyoming on Sept. 11, 2024. Once operational, this facility is projected to contribute an additional 3 EH/s. The site will feature immersion-cooled data centers supporting the latest S21 immersion XP miners.

Meanwhile, the latest news comes less than a week after CleanSpark announced it was purchasing seven mining facilities and associated land in Tennessee for $27.5 million.

Bitcoin mining focus

Mathew Schultz, CleanSpark’s co-founder, explained that these purchases demonstrated the firm’s continued focus on Bitcoin mining in contrast to rivals diversifying into artificial intelligence (AI).

According to Schultz, while many miners are shifting to AI or using resources for alternative tokens, CleanSpark is focused on expanding its Bitcoin mining capacity.

Over the past months, AI-focused miners have expanded their data center infrastructure to tap into the opportunities in the rapidly growing AI sector. Notably, a Bernstein report noted that investors have a stronger conviction in this class of miners due to their diversified revenue stream and potential upside.

However, Schultz appears unbothered by this, noting that the rising demand for Bitcoin and the firm’s strategy of adding megawatts and efficient exahash capacity could help it fulfill its promises.

By: Oluwapelumi Adejumo