CleanSpark’s mining expansion is making waves with its new facilities in Wyoming. Now the second-largest Bitcoin miner in the U.S. by market capitalization, after surpassing Riot Platforms, CleanSpark is setting its sights on becoming a major player in the crypto mining industry. This article delves into the company’s recent developments and future plans, shedding light on its strategic moves in Wyoming, Tennessee, and beyond.
New Beginnings in Wyoming
CleanSpark, a Nasdaq-listed Bitcoin mining company, is expanding its footprint with a new facility in Cheyenne, Wyoming. Groundbreaking for this site has already commenced, and the facility is expected to be operational by the end of the year. Additionally, CleanSpark is in the process of acquiring a second site in Wyoming, further consolidating its presence in the state.
The company has executed power contracts amounting to 75 megawatts (MW) in Wyoming. Of this, 30 MW will be utilized to run S21 immersion XP application-specific integrated circuits (ASICs) at the planned facility. This move is expected to boost CleanSpark’s hash rate by 2 exahashes per second (EH/s). The remaining 45 MW is allocated for the second Wyoming site, which is anticipated to add another 3 EH/s to the company’s hash rate once operational.
Strategic Moves
CleanSpark’s expansion into Wyoming is part of a broader strategy to diversify its mining locations. Previously, the company’s operations were primarily concentrated in Georgia and Mississippi. CEO Zach Bradford expressed enthusiasm about expanding in Wyoming, especially following the University of Wyoming’s announcement of its Bitcoin Research Institute and Senator Cynthia Lummis introducing the Bitcoin Innovation, Transparency, and Competition (BITCOIN) Act. “We are thrilled to expand in a state so publicly supportive of our industry,” Bradford said.
In addition to its Wyoming ventures, CleanSpark is set to add more than 400 MW of capacity over the next two years in Tennessee through the acquisition of GRIID Infrastructure. This $155 million deal also includes a co-location facility in New York, further extending CleanSpark’s reach.
Rapid Expansion and Market Position
CleanSpark has been on a rapid expansion trajectory this year. In February, the company added a new facility in Georgia, bringing its total to seven in the state. It also entered Mississippi with three turnkey operations. By June, CleanSpark had added five more facilities in Georgia, increasing its total to twelve.
This aggressive expansion has yielded significant results. In June, the most recent month for which data is available, CleanSpark mined 445 Bitcoin (BTC), bringing its year-to-date total to 3,614 BTC. On June 30, the company sold 8.06 BTC and held 6,591 BTC in its reserves.
The Road Ahead
CleanSpark’s rise to become the second-largest Bitcoin miner in the U.S. by market cap is a testament to its strategic foresight and execution. As the company continues to expand its operations across multiple states, it is well-positioned to capitalize on the growing interest and investment in cryptocurrency mining.
The company’s focus on securing additional power sources for its Wyoming facilities and the acquisition of GRIID Infrastructure indicates a long-term commitment to scaling its operations. With the crypto industry evolving rapidly, CleanSpark’s strategic moves could set the stage for even greater achievements in the future.
Conclusion
CleanSpark’s ambitious expansion plans in Wyoming and Tennessee, coupled with its strategic acquisitions, position it as a formidable player in the Bitcoin mining industry. As it continues to grow its hash rate and diversify its operations, CleanSpark is poised to capitalize on the burgeoning opportunities in the crypto mining sector. With a keen focus on innovation and strategic execution, the company is set to make significant strides in the coming years.
