CleanSpark, a prominent Bitcoin miner in America, is undergoing significant expansion efforts. The company recently broke ground on a new facility in Cheyenne, Wyoming, with plans for it to be operational by the end of the year. This expansion is part of a broader strategy that includes acquiring a second site in Wyoming and moving into Tennessee through the acquisition of GRIID Infrastructure. With these developments, CleanSpark has become the second-largest US miner by market cap, following the sale of Riot Platforms.
The new facility in Cheyenne, Wyoming, has a power capacity of 30 MW and is expected to add over 2 exahashes per second (EH/s) to CleanSpark’s hashrate once operational. It will be the second fully immersion-cooled site in CleanSpark’s portfolio, utilizing cutting-edge technology for efficiency. The company plans to deploy the latest S21 immersion XPs, considered to be the most powerful and efficient Bitcoin mining machines currently available. Additionally, CleanSpark aims to expand the site’s power capacity to increase operational output further.
CleanSpark’s expansion into Wyoming also includes plans to acquire a second site in the state, adding another 45 MW and contributing an additional 3 EH/s to the company’s hashrate. With this acquisition, CleanSpark’s Bitcoin mining portfolio now includes data centers in various states, including Georgia, Mississippi, Wyoming, Tennessee, and New York. The company is focused on increasing its operational hashrate in Tennessee following the pending acquisition of GRIID Infrastructure. CleanSpark CEO Zach Bradford expressed enthusiasm about the expansion, highlighting the support from local, state, and national leaders in Wyoming.
The expansion into Tennessee through the acquisition of GRIID Infrastructure is expected to add over 400 MW of capacity over the next two years. This acquisition also includes a co-location facility in New York, further strengthening CleanSpark’s presence in the cryptocurrency mining industry. The company has been rapidly growing and now stands as the second-largest crypto miner in the United States by market cap. Additional facilities have been added across states like Georgia and Mississippi, contributing to CleanSpark’s overall production and company growth.
CleanSpark reported a 6.7% increase in Bitcoin production in June, exceeding its mid-year hashrate target of 20 exahashes per second (EH/s). The company holds a significant amount of Bitcoin, with its total holdings valued over $4 billion as of June 30. The firm’s hashrate reached 20.4 EH/s in July, more than double what it was in December 2023. These achievements were made possible through the installation of new miners at facilities in Georgia and the merger with GRIID Infrastructure, which provided an additional 20 MW of power. Despite these positive developments, CleanSpark’s stock experienced a slight decline on August 1 but remains up significantly year-over-year.
Overall, CleanSpark’s expansion efforts and strategic acquisitions reflect its commitment to meeting the demands of Bitcoin mining and growing its presence in the cryptocurrency market. By investing in new facilities, deploying advanced technology, and enhancing operational capacity, CleanSpark aims to solidify its position as a key player in the industry. With a strong focus on innovation and collaboration with industry leaders and policymakers, CleanSpark is well-positioned for continued success and growth in the evolving world of cryptocurrency mining.
