CleanSpark Acquires 60MW Bitcoin Mining Sites for $26M

CleanSpark, one of the largest public bitcoin mining firms in the U.S. by market cap, is poised to acquire more infrastructure totaling 60 megawatts (MW) in rural Georgia.

The company said in a statement on Tuesday that it has entered into definitive agreements to buy five turnkey sites for a cash payment of $25.8 million. This implies a cost of $430,000 per MW.

According to the release, the size of the five sites ranges from 8 MW to 15 MW with load-interruptible power purchase agreements.

The deal is expected to “close immediately,” CleanSpark said, adding that the purchase includes the existing infrastructure but excludes the miners on each site.

The company plans to deploy the Antminer S21 Pros it previously preordered and expects to bring online an additional 3.7 EH/s upon full installation.

CleanSpark was the third largest public bitcoin mining firm in the U.S. by production in May with close to 17 EH/s in realized hashrate. The company is operating about 300 MW in Georgia.

The latest acquisition in Georgia comes a month after CleanSpark struck a deal to expand to Wyoming by acquiring 75MW sites from MineOne, a mining firm with ties to Chinese nationals and Bitmain whose operation has been halted by an emergency order from the Biden administration due to national security concerns.