CleanSpark, a prominent American Bitcoin mining company dedicated to using clean energy, has announced a significant expansion of its operations. On June 18, CleanSpark revealed a definitive agreement to acquire five mining facilities in Georgia for $25.8 million. The acquisition is expected to close immediately.
Increased Processing Power
The new facilities are set to boost CleanSpark’s processing power significantly. Combined, the five sites are predicted to exceed 3.7 exahashes per second. These facilities vary in operational capacity, ranging from 8 to 15 megawatts, with 60 megawatts across all locations. CleanSpark spokespeople expressed confidence that the company’s total hashrate would surpass 20 exahashes per second by the end of June.
Load-Balancing and Energy Infrastructure
The newly acquired facilities include interruptible-load designated power purchase agreements (PPAs). These agreements are designed to provide load-balancing services to the local electrical grid, enhancing the synergy between Bitcoin mining operations and regional energy infrastructure.
A picture of Riot Platforms CEO Jason Les and former President Trump. Source: Jason Les.
Zach Bradford, CEO of CleanSpark, highlighted the benefits of this acquisition. “These sites not only enhance the load balancing capabilities for the local cities we work with but also ensure we achieve our mid-year target of 20 EH/s of operating hashrate,” he stated.
Political Implications and Industry Reactions
The Bitcoin mining industry in the United States has garnered increased attention, particularly following former President Trump’s remarks about Bitcoin. Trump recently stated that Bitcoin should be “made in the USA” and hosted a meeting with industry leaders from Riot Platforms, CleanSpark, and TeraWulf.
In a June 12 social media post, Trump suggested that Bitcoin could be America’s “last line of defense” against a central bank digital currency (CBDC) and could enhance the country’s energy dominance. These comments have sparked debate within the crypto community. While some view Trump’s statements as pandering for votes, others, like Shapeshift founder Erik Vorhees, see them as a positive gesture towards the crypto industry.
The Bitcoin Voter Project
In response to Trump’s support, executives from Marathon Digital Holdings, CleanSpark, and Riot Platforms launched “The Bitcoin Voter Project.” This non-partisan voter education initiative aims to raise awareness and disseminate knowledge about the digital asset market and blockchain industry, rather than supporting specific candidates or parties.
CleanSpark’s acquisition marks a significant milestone in its growth, reflecting the broader trends and political dynamics shaping the cryptocurrency landscape in the United States.
