CleanSpark Acquires Three Bitcoin Mining Facilities for $19.5M as Bitcoin Halving Nears

CleanSpark Acquires Three Bitcoin Mining Facilities for $19.5M as Bitcoin Halving Nears

CleanSpark’s Latest Acquisitions

Popular Bitcoin mining company CleanSpark, which trades on Nasdaq under the CLSK ticker, has announced that it entered agreements last week to acquire three Mississippi-based Bitcoin mining facilities for a whopping $19.5 million. The purchases were paid in cash.

According to CleanSpark’s announcement, the new facilities will expand the company’s mining capacity by nearly 2.4 EH/s (exahashes per second). For starters, an exahash measures the processing power of Bitcoin mining equipment.

Miners use their mining machines to compete with each other in solving complex puzzles. The higher the exahashes, the higher the chances that a mining machine can solve puzzles quicker than others, thus being the first to add a transaction block to the Bitcoin blockchain in exchange for mining rewards.

Effects of Bitcoin Halving on Miners’ Rewards

The CleanSpark’s latest purchases come a few weeks before the Bitcoin halving in April. After this event, mining rewards will be reduced to 3.125 BTC from the current 6.25 BTC. Bitcoin halving happens every four years. Its main purpose is to reduce the pace at which new Bitcoins enter the circulating supply, essentially controlling inflation.

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With mining rewards expected to continue reducing over time, miners are becoming more focused on the transaction fees as part of their revenue. When all 21,000,000 BTC enter circulation, miners will not receive any mining rewards. Instead, they will have to rely solely on transaction fees as their income.

CleanSpark Buys Another Mining Facility

This isn’t the first time CleanSpark has bought mining facilities this year. The company acquired a Dalton-based mining facility in January for $6.8 million. The facility, however, is still under construction. It is expected to operate at 0.9 EH/s upon completion.

According to CleanSpark, when the Dalton and Mississippi acquisitions become fully operational, they will boost the firm’s mining hashrate to 20 EH/s from the current 10 EH/s.

CleanSpark boss Zach Bradford said last month that the company was looking to buy over 150,000 Bitcoin mining machines as part of its plan to achieve a mining capacity of 50 EH/s in the near future.

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Michael Varney
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Michael Varney

Michael Varney, a distinguished name in crypto journalism, offers deep insights into the world of blockchain. Merging meticulous research with eloquent prose, Michael's articles decode the complexities of digital currencies, establishing him as an indispensable source for those keen on understanding the evolving crypto landscape.

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