As a seasoned researcher with years of experience in the cryptocurrency market, I find CleanSpark’s latest move to acquire seven Bitcoin mining facilities in Knoxville, Tennessee, nothing short of impressive. This strategic expansion not only adds significant hash rate capacity but also demonstrates the company’s knack for securing high-quality infrastructure at favorable valuations.
CleanSpark has disclosed intentions to purchase seven Bitcoin mining sites in Knoxville, Tennessee, amounting to $27.5 million.
Through the acquisition, an additional 85 megawatts of operational power will be at our disposal, as stated in a recent press announcement, and we anticipate finalizing these agreements by September 25th.
This move will increase CleanSpark’s hash rate by 5 exahashes per second, a 22% jump from its current capacity. The company recently surpassed 23 EH/s and aims to reach 37 EH/s by the end of 2024.
This news should leave you astonished, especially if you’re from Knoxville, Tennessee. We have finalized agreements to purchase seven Bitcoin mining facilities and associated land in the area, totaling 85 megawatts of power available right away. These acquisitions are expected to boost our mining capacity by approximately 5 exahashes per second, or 5 EH/s.
— CleanSpark Inc. (@CleanSpark_Inc) September 11, 2024
As a crypto investor, I made a move in August by acquiring a Bitcoin mining facility in Wyoming, despite the national security concerns that had been raised earlier in the year. This acquisition took place even after President Biden issued an emergency order aimed at halting operations at sites near sensitive military installations due to potential espionage risks.
Analyst thoughts
Experts at H.C. Wainwright consider CleanSpark’s purchase of seven Bitcoin mining facilities in Tennessee as a strategically robust decision, underscoring the company’s knack for securing top-tier infrastructure at advantageous pricing.
Through this purchase, CleanSpark aims to concentrate on seamlessly incorporating the cutting-edge S21 Pro miners to optimize its production capacity. Additionally, the firm intends to adopt a collaborative strategy for broadening its footprint within Tennessee.
CleanSpark has managed to secure the most affordable price of around $323,500 per megawatt for any bitcoin mining agreement in the year 2024, as reported by CleanSpark’s BTC Miner M&A Deal Tracker and observed by Wainwright analysts.
In simpler terms, Zach Bradford emphasized that Tennessee offers more advantageous politics and energy conditions than Georgia, where CleanSpark currently manages 500 MW worth of facilities.
In simpler terms, we’ve found that Tennessee shares political and energy characteristics with Georgia, a place where we’ve invested close to $1 billion and manage nearly 500 megawatts. Our approach, which focuses on community involvement, will be carried over to Tennessee as we grow our operations in the region and demonstrate how Bitcoin can positively impact local power grids and communities.
Zach Bradford, CleanSpark CEO
At present, CleanSpark’s shares are being traded for approximately $9.30 each. However, analysts view this situation as a chance to purchase and have continued to recommend a “Buy” stance towards CleanSpark, with a forecasted price of $27 per share as their target.
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2024-09-11 20:46