Cleanspark’s Bitcoin Miner Poised To Skyrocket Hash Rate Amid Pending Halving

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CleanSpark anticipates doubling its operational hash rate before Bitcoin’s halving by activating mining rigs at four newly acquired facilities.

CleanSpark Inc. aims to double its hash rate by mid-2024, following the purchase of four new mining facilities, amidst Bitcoin’s drop to $43,041.

On Feb. 6, CleanSpark revealed the acquisition of three Mississippi mining facilities for $19.8 million, promising an immediate 2.4 EH/s upon completion.

The firm’s purchase of a Dalton, Georgia facility for $6.9 million, set to deliver 0.8 EH/s, adds to its expansion. Despite construction delays until April 2024, CleanSpark saw a 12% stock increase post-announcement.

With the imminent energization of its Sandersville expansion, projected to contribute 6 EH/s, CleanSpark foresees its operational hash rate doubling to 20 EH/s in H1 2024.

The actions are part of CleanSpark’s preparations for the upcoming Bitcoin halving event scheduled for late April, reducing the mining reward from 6.25 BTC to 3.125 BTC.

“[The purchases] improve our operating efficiencies as we prepare for the halving,” said CleanSpark CEO Zach Bradford in the announcement.

CleanSpark’s current and forecasted hash rates across different locations. Data source: CleanSpark

CleanSpark (CLSK) ended trading on February 6th at $8.70, marking a more than 12% increase for the day. Post-market trading shows minor gains of less than 0.5%, as reported by Google Finance.

CLSK’s stock price on February 6th. Data source: Google Finance

Two competitors, Marathon Digital Holdings and Riot Platforms, saw their share prices rise by 2.5% and 4.5%, respectively, on the same day.

CleanSpark’s shares surged by 440% throughout 2023. However, the company experienced a price correction at the beginning of 2024, resulting in a 20% decline year-to-date.

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ABOUT THE AUTHOR

Tabitha Nyamburah
Journalist

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