CleanSpark expands mining with new Wyoming facilities and is now the second-largest by market capital after flipping Riot Platforms
Nasdaq-listed CleanSpark, a Bitcoin miner, is undertaking further expansion by striking ground for a new facility in Cheyenne, Wyoming. The company anticipates that the facility will be operational by the end of the year.
Additionally, it is acquiring a second Wyoming site and will expand into Tennessee by acquiring GRIID Infrastructure.
CleanSpark has executed 75 megawatts of power contracts in Wyoming, with 30 MW to operate S21 immersion XP application-specific integrated circuits (ASICs) at the already planned facility.
This will result in a 2 EH/s increase the company’s hash rate. CleanSpark is in the process of identifying supplementary power sources for the facility.
The second Wyoming site has the remaining contracted 45 MW available. CleanSpark is “advancing on the close of the underlying real estate” of that site, which is anticipated to increase the hashrate by 3 EH/s when operational.
CleanSpark is getting around
CleanSpark is a novel concept in Wyoming. The majority of its operations are concentrated in Mississippi and Georgia. In a statement, CleanSpark CEO Zach Bradford stated:
“On the heels of the University of Wyoming announcing the launch of its Bitcoin Research Institute and Senator Lummis introducing the […] BITCOIN Act, we are thrilled to expand in a state so publicly supportive of our industry.”
CleanSpark will acquire GRIID Infrastructure for $155 million, adding over 400 MW of capacity to Tennessee over two years. Additionally, it acquired a co-location facility in New York as part of that transaction.
CleanSpark is moving up in the world
CleanSpark replaced Riot Platforms as the second-largest crypto-miner in the United States by market capitalization during the second quarter of this year. This year, it has been expanding at a brisk pace.
In February, it entered Mississippi with three comprehensive operations and expanded its operations by adding a facility in Georgia to its existing six.
It increased its total number of facilities in Georgia to 12 in June by incorporating five additional facilities. In June, the most recent month for which data was disclosed, it mined 445 Bitcoin, resulting in 3,614 BTC for the year. It had holdings of 6,591 BTC and sold 8.06 BTC on June 30.
