CleanSpark acquires 7 crypto mining facilities in Tennessee, increasing total hash rate to 37 EH/s

CleanSpark, a prominent U.S. Bitcoin miner, has announced its agreement to purchase seven cryptocurrency mining facilities in the Knoxville, Tennessee area. The acquisition is set to boost the company’s mining capacity by 22%.

CleanSpark acquires facilities from Exponential Digital

CleanSpark will acquire the facilities from Exponential Digital for $27.5 million in cash, with the deal expected to close by Sept. 25. The facilities range between 10 and 20 megawatts (MW) each, totalling 85 MW. Once equipped with Bitmain S21 ASIC miners, these facilities will provide an additional 5 exahashes per second (EH/s) of mining capacity.

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CleanSpark’s total hashrate increased to 37 EH/s

CleanSpark’s CEO, Zach Bradford, highlighted the company’s expanding capacity, stating that the new acquisitions are expected to increase CleanSpark’s total hash rate to 37 EH/s by the end of 2024. Bradford noted that the company secured the ASIC miners at favourable prices and will promptly install them at the new locations.

While CleanSpark has been positioning itself as a responsible energy user, showcasing how Bitcoin mining can benefit local power grids, the acquired Tennessee facilities have faced criticism for noise pollution and not contributing to local taxes.

CleanSpark continues to expand

This acquisition follows CleanSpark's $155 million agreement to purchase GRIID Infrastructure’s Tennessee operations earlier this year. CleanSpark also continues to grow in Georgia, where it added 50 MW of capacity to its Sandersville facility in September, and expanded its operations in Dalton.

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Mining Performance

In August, CleanSpark mined 478 Bitcoin, selling 2.5 BTC at an average price of $56,729. The company remains a major player, holding 7,558 BTC and operating at an average hash rate of 21.3 EH/s during the same month.