Bitcoin miner CleanSpark expands operations in Georgia

Bitcoin miner CleanSpark expands operations in Georgia
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Bitcoin () minor CleanSpark is the expansion of operations in the state of Georgia, adding to its mining capacity in spite of the ongoing bear market. 

Revolutionary on a new 50 megawatt bitcoin mining facility in Washington, Georgia, is underway, with completion scheduled for the end of spring, Cleanspark leaked on January. 19. The expansion of almost $16 million is expected to increase the company's hashrate by 2.2 exahashes per second, bringing the total hashrate to 8.7 EH/s.

The expansion will accommodate up to 16,000 miners, including the new Antminer S19j Pro and Antminer S19 XP models.

“This second phase has more than doubled the size of current operations," said Chief Executive Officer Zach Bradford.

CleanSpark purchased its Georgia site in August before acquiring local mining facility Mawson Infrastructure Group the following month for $33 million. At the time, the company stated that it was planning to support a mining fleet of up to 70,000 in 2023.

Clean Park received permission to trade publicly on the nasdaq exchange at the beginning of 2020. The following year, the company raised $200 million in capital via an equity offering.

Like other mining companies listed on the Bitcoin stock exchange, shares in Cleanspark (clsk) fell sharply over the past year. Source: TradingView.

With the price of Bitcoin plunging more than 76% peak-to-trough, miners have been forced to rethink their business strategies to survive in the long term. One of the biggest players in the industry, a grassroots scientist, declared bankruptcy under chapter 11 in December. Mining outfit Greenridge, meanwhile, received a $74 million lifeline just to stay afloat.

Related: Crypto miner explains how Bitcoin mining stabilizes grids

Some miners prospered during the bearish market by cutting energy costs and avoiding excessive debt. In October, CleanSpark’s executive chairman Matthew Shultz told Cointelegraph that “Bitcoin mining is a potential solution for creating more opportunities for energy development.”

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