2nd Largest Bitcoin Miner on Wall Avenue Acquires Bitcoin Mine within the US

CleanSpark
(NASDAQ: CLSK), the second largest Bitcoin (BTC) producer on Wall Avenue by market capitalization,
introduced at the moment (Thursday) the execution of 75 megawatts (MW) of energy
contracts and the acquisition of its first Bitcoin mining web site in
Wyoming. This transfer marks an growth of the corporate’s operations into a 3rd US
state.

CleanSpark Expands Bitcoin
Mining Footprint with Wyoming Acquisition

The preliminary
30 MW facility, positioned in Cheyenne, is about to be a totally immersion-cooled information
middle. CleanSpark expects this web site to contribute over 2 exahashes per second
(EH/s) to its general hashrate as soon as operational. The corporate plans to interrupt
floor instantly, with operations projected to start earlier than the tip of
2024.

“We
are thrilled to increase in a state so publicly supportive of our business,” Zach
Bradford, CEO of CleanSpark, acknowledged. “Working along with native, state and
nationwide leaders, CleanSpark plans to develop its footprint past Cheyenne,
all through the attractive state of Wyoming.”

This isn’t
the one consolidation within the cryptocurrency mining market not too long ago. As
reported by Finance Magnates every week in the past, Riot Platforms (NASDAQ: RIOT), the
third-largest BTC miner by market capitalization on Wall Avenue, acquired
Kentucky-based Block Mining for $92.5 million.

“America’s
Bitcoin Miner,” as CleanSpark refers to itself, intends to deploy the most recent
S21 immersion XP Bitcoin mining machines on the Cheyenne facility. They’re
touted as essentially the most highly effective and environment friendly within the present market. Moreover,
CleanSpark is actively working to extend the out there energy at this web site to reinforce operational capability additional.

We’ve executed 75 MW of energy contracts and accomplished the acquisition of our first #Bitcoin mining web site in Wyoming! With an influence capability of 30 MW, it’s anticipated so as to add over 2 EH/s to CleanSpark’s #hashrate earlier than the tip of the yr. 🦬The situation in Cheyenne is deliberate to… pic.twitter.com/6yKLTVd9JE

— CleanSpark Inc. (@CleanSpark_Inc) August 1, 2024

Second Web site on-Web site

With the
power contracts now in place, CleanSpark is shifting ahead with the
acquisition of a second web site in Wyoming. This extra location is anticipated
to carry 45 MW of energy on-line and contribute an additional Three EH/s to the corporate’s
hashrate.

This
growth brings CleanSpark’s owned-and-operated Bitcoin mining portfolio to
three states, encompassing twelve information facilities in Georgia, three in
Mississippi, and now one in Wyoming. The corporate additionally maintains co-location
operations in Tennessee and New York.

The transfer
into Wyoming aligns with latest developments within the state. They included the
College of Wyoming’s announcement of a Bitcoin Research
Institute and Senator Lummis’s introduction of the BITCOIN
Act. This highlights the state’s rising help for the cryptocurrency
business.

Bitcoin. Mined in America. ⚡️ https://t.co/CgDgp7Ab38

— Cynthia Lummis 🦬 (@CynthiaMLummis) August 1, 2024

Challenges for Crypto
Miners in 2024

CleanSpark’s
latest transfer to accumulate a brand new Bitcoin mine has not markedly influenced its inventory
efficiency on NASDAQ. The inventory market reveals a broader detrimental sample
affecting cryptocurrency mining corporations in 2024, as buyers proceed to
divest from their shares.

Marathon
Digital Holdings, the most important crypto miner by market cap at $5.Eight billion, has
seen its shares fall by 16% this yr. One other key participant, Hut 8, has
skilled a 7% decline. Final week, Finance Magnates disclosed that
Marathon faced a $138 million penalty after a jury discovered it responsible of contract
violations.

Regardless of
this development, Riot Blockchain maintains a big presence out there with
a valuation of $3.four billion, positioning it just under CleanSpark, which boasts
a market cap of almost $3.Eight billion.

Amidst the
extended “crypto winter” and following the 2024 halving occasion,
mining corporations are exploring different makes use of for his or her intensive information middle
capabilities. As Bitcoin mining yields diminish, these companies are more and more
pivoting to help extra resource-demanding sectors corresponding to artificial
intelligence and cloud services.

This text was written by Damian Chmiel at www.financemagnates.com.

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