CleanSpark buys bitcoin mining facilities in $25.6 million deal

Bitcoin BTC -1.16% miner CleanSpark has purchased five turnkey bitcoin mining facilities in Georgia for a cash payment of $25.8 million. 

The purchase is expected to close immediately, the company said in a press release, with the operating hashrate of the combined facilities anticipated to exceed 3.7 exahashes per second (EH/s) upon full installation of the latest generation S21 pro miners.

"These sites not only enhance the load balancing capabilities for the local cities we work with, but lock in the achievement of our mid-year target of achieving 20 EH/s of operating hashrate," said CEO Zach Bradford. "This achievement underscores our commitment to scaling efficiently and sustainably and we are excited to bring these facilities into the CleanSpark way of mining bitcoin."

The five sites range in size from 8 megawatts to 15 MW, for a total of 60 MW. CleanSpark currently owns and operates about 300 MW of infrastructure in Georgia.

Tuesday's news comes just over a month after the company acquired two bitcoin mining locations in Wyoming, with 75 MW of available power, for a cash payment of $18.75 million. CleanSpark also operates infrastructure in Mississippi and co-locates machines in upstate New York.

CleanSpark mined 417 bitcoin in May, the first full month of operations following April's halving event . It holds a total of 6,154 bitcoin as of May 31, with a current hashrate of 17.97 EH/s.

CleanSpark's stock (ticker CLSK) is up more than 77% this year, according to Yahoo Finance. This outpaces bitcoin's year-to-date gain of 47.5% to $65,176.48, according to The Block's bitcoin price page .

Former U.S. President Donald Trump has started expressing support for bitcoin mining and even held a meeting with several bitcoin miners at Mar-a-Lago on June 11.

“I just ran into a guy that’s a huge fan of bitcoin and loves what we’re doing at CleanSpark Inc. in Georgia and Mississippi and Wyoming,” S. Matthew Schultz, co-founder of CleanSpark,  wrote in a post on X, with a picture posted of Schultz alongside Trump.