CleanSpark Inc. (Nasdaq: CLSK), America’s Bitcoin Miner™, today announced it has entered into definitive agreements to acquire two turnkey bitcoin mining campuses located in Dalton, Georgia, for a cash payment of $9.3 million. The facilities are expected to add just under 1 exahash per second (EH/s) to CleanSpark’s hashrate shortly after the deal is scheduled to close later this week.  

The two facilities will host a total of over 6,000 Antminer S19 XPs and S19J Pro+s, the latest and the most power-efficient generation of bitcoin mining machines, from orders placed and fully paid for by CleanSpark earlier this year.

“This acquisition ensures that we have more than enough infrastructure to reach our year-end target of 16 EH/s. It also continues to position us as one of the most power-efficient miners on an energy-per-hashrate basis,” said Zach Bradford, CEO of CleanSpark. “These two additional sites are testament to our deepening ties with rural communities in Georgia and the regional expertise we are developing there as a large, flexible load. Importantly, our efforts are generating economic growth for the suburban and rural areas where our operations are located.”  

This is the latest in a series of machine purchases and other acquisitions made by the Company since the crypto bear market began. Earlier this month, CleanSpark purchased 12,500 brand-new Antminer S19 XP machines at a discounted price. The Company also purchased 20,000 brand-new Antminer S19j Pro+ units in February, all of which have been fully paid for, and 45,000 brand-new Antminer S19 XP units in April. 

“We continue to make use of opportunities created by current market conditions to prepare for next year’s bitcoin halving,” said Gary A. Vecchiarelli, CFO at CleanSpark. “Importantly, this acquisition is fully paid for from our existing cash reserves and we expect it to almost immediately start driving revenue to our bottom line.”  

CleanSpark mines bitcoin with predominantly low-carbon energy sources, which account for over 90% of its energy mix, and continues to follow a balanced capital management strategy by selling a portion of its mined bitcoins to reinvest in growth. This strategy, coupled with the Company’s proprietary mining model, allowed CleanSpark to exceed its year-end guidance in 2022, tripling its hashrate during that period and achieving one of the highest hashrate realization rates among its peers during the crypto bear market.