CleanSpark Inc. is gearing up to double its mining hash rate ahead of the Bitcoin halving event. The company announced on February 6th that it’s acquiring three mining facilities in Mississippi for $19.8 million, immediately adding 2.4 exahashes per second (EH/s) to its hash rate upon completion of the purchase. Additionally, they’ve agreed to purchase another facility in Dalton, Georgia for $6.9 million, expected to contribute 0.8 EH/s. However, this facility is still under construction and won’t be ready until April 2024. CleanSpark’s stock surged by 12% following the announcement.
Combined with the expansion of their Sandersville facility, set to add 6 EH/s to the company’s hash rate, CleanSpark expects its operational hash rate to at least double from 10 EH/s to 20 EH/s in the first half of 2024.
These moves come as CleanSpark prepares for the upcoming Bitcoin halving event, slated for late April, where mining rewards will be reduced from 6.25 BTC to 3.125 BTC.
“[The acquisitions] enhance our operational efficiency as we prepare for the halving,” said CleanSpark CEO Zach Bradford in the announcement.
CleanSpark (CLSK) closed trading on February 6th at $8.70, marking a more than 12% increase for the day, according to Google Finance.
CleanSpark’s stock has surged by 440% compared to 2023. However, it has experienced a price correction starting in 2024 and is currently down 20% from its peak.