CleanSpark Expands to Third US State with Wyoming Mining Acquisition
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CleanSpark, the second-largest Bitcoin producer on Wall Street by market value, has recently announced that it has signed power contracts for 75 megawatts (MW). It has also bought its first Bitcoin mining site in Wyoming. This expansion adds a third US state to the company’s operations.
The first 30 MW facility in Cheyenne will be a data center with full immersion cooling. CleanSpark expects it to add over 2 exahashes per second (EH/s) to its total hashrate when it starts working. The firm wants to start building right away and aims to begin operations by the end of 2024.
CleanSpark Seeks To Expand Its Operations In Wyoming
Zach Bradford, Chief Executive Officer of CleanSpark, and his team are excited to grow in a state that supports their industry significantly. By working with national, state, and local, leaders CleanSpark plans to expand beyond Cheyenne and throughout the great state of Wyoming.
This isn’t the only recent change in the cryptocurrency mining market. A week ago, a report revealed that Riot Platforms (NASDAQ: RIOT), the third-largest BTC miner on Wall Street by market value, bought Block Mining in Kentucky for $92.5 million.
CleanSpark, which calls itself “America’s Bitcoin Miner,” plans to use the newest S21 immersion XP Bitcoin mining machines at the Cheyenne facility. These machines are known for being the most powerful and efficient available. CleanSpark is also working to boost the power at this site to increase its operational capacity.
CleanSpark Wants To Increase Its Overall Mining Capacity
With the energy contracts set, CleanSpark is moving ahead with buying a second site in Wyoming. This new location is expected to add 45 MW of power and increase the company’s hashrate by an extra 3 EH/s.
This expansion adds to CleanSpark’s Bitcoin mining operations in three states, with twelve data centers in Georgia, three in Mississippi, and one in Wyoming. The firm also runs co-location operations in Tennessee and New York.
Moving into Wyoming matches the state’s recent changes. The University of Wyoming started a Bitcoinlo Research Institute, and Senator Lummis introduced the BITCOIN Act. This shows that Wyoming is becoming more supportive of the crypto industry.
CleanSpark recently bought a new Bitcoin mine, but this didn’t really change its stock price on NASDAQ. Many cryptocurrency mining companies’ stocks are going down because investors are selling their shares.
Marathon Digital Holdings, the biggest company in crypto mining with a value of $5.8 billion, has had its stock drop by 16% this year. Another company, Hut 8, saw its stock fall by 7%. Marathon had to pay $138 million because a jury said they broke a contract.
