Bitcoin miner CleanSpark expands operations in Georgia

Bitcoin (BTC) miner CleanSpark is expanding operations in the state of Georgia, increasing its mining capacity despite an ongoing bear market.

Groundbreaking is underway for a new 50 megawatt bitcoin mining facility in Washington, Georgia, with completion expected in late spring, CleanSpark revealed on January 19. With the total hashrate reaching 8.7 EH/s.

The expanded facility will host 16,000 miners, including the newly added Antminer S19j Pro and Antminer S19 XP models.

“This second phase doubles the volume of current operations,” said CEO Zach Bradford.

CleanSpark previously purchased its Georgia site in August. Acquiring a local mining facility Mawson Infrastructure Group next month for $ 33 million. At the time, the company said it planned to support a mining fleet of up to 70,000 units in 2023.

CleanSpark was approved to trade publicly on the Nasdaq stock exchange in early 2020. Next year, the company picked up $200 million in capital through an equity offering.

Like other publicly traded bitcoin miners, CleanSpark (CLSK) shares have fallen sharply over the past year. Source: TradingView.

with The price of Bitcoin is falling. Down more than 76% from peak to trough, miners have been forced to rethink their business strategies to survive in the long run. One of the industry’s biggest players, Core Scientific, filed for Chapter 11 bankruptcy in December. Mining conglomerate Greenridge, meanwhile, Received $74 million Lifeline. Just to stay afloat.

Related: Cryptominer explains how Bitcoin stabilizes the mining grid.

Some miners have thrived during bear markets by reducing energy costs and avoiding excessive leverage. In October, CleanSpark Executive Chairman Matthew Schultz told Cointelegraph that “Bitcoin mining is one possible solution. To create more opportunities for energy development.