Cleanspark’s Bitcoin Miner Poised To Skyrocket Hash Rate Amid Pending Halving

CleanSpark anticipates doubling its operational hash rate before Bitcoin’s halving by activating mining rigs at four newly acquired facilities.

CleanSpark Inc. aims to double its hash rate by mid-2024, following the purchase of four new mining facilities, amidst Bitcoin’s drop to $43,041.

On Feb. 6, CleanSpark revealed the acquisition of three Mississippi mining facilities for $19.8 million, promising an immediate 2.4 EH/s upon completion.

The firm’s purchase of a Dalton, Georgia facility for $6.9 million, set to deliver 0.8 EH/s, adds to its expansion. Despite construction delays until April 2024, CleanSpark saw a 12% stock increase post-announcement.

With the imminent energization of its Sandersville expansion, projected to contribute 6 EH/s, CleanSpark foresees its operational hash rate doubling to 20 EH/s in H1 2024.

Today we announced two new acquisitions, that combined with the imminent energization of the Sandersville expansion, provide us the additional power needed to double our current operational #hashrate of 10 EH/s and exceed 20 EH/s during the first half of 2024.$CLSK is venturing… pic.twitter.com/LLge0BlcOV

— CleanSpark Inc. (@CleanSpark_Inc) February 6, 2024

The actions are part of CleanSpark’s preparations for the upcoming Bitcoin halving event scheduled for late April, reducing the mining reward from 6.25 BTC to 3.125 BTC.

“[The purchases] improve our operating efficiencies as we prepare for the halving,” said CleanSpark CEO Zach Bradford in the announcement.

CleanSpark (CLSK) ended trading on February 6th at $8.70, marking a more than 12% increase for the day. Post-market trading shows minor gains of less than 0.5%, as reported by Google Finance.

Two competitors, Marathon Digital Holdings and Riot Platforms, saw their share prices rise by 2.5% and 4.5%, respectively, on the same day.

CleanSpark’s shares surged by 440% throughout 2023. However, the company experienced a price correction at the beginning of 2024, resulting in a 20% decline year-to-date.

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