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Cleanspark Is Expanding Its Operations In Georgia

Despite the continuous downtrend in the price of bitcoin, the mining company CleanSpark is increasing its capacity by extending its operations in the state of Georgia.

CleanSpark said on January 19 that construction of a new Bitcoin mining plant with a capacity of 50 megawatts is now underway near Washington, Georgia, and that completion is anticipated in late spring. It is anticipated that the expansion, which will cost close to $16 million, would result in an increase in the company’s hashrate of 2.2 exe hashes per second, with the entire hashrate reaching as high as 8.7 EH/s.

Up to 16,000 miners will be able to take use of the increased facility’s capabilities, including the recently introduced Antminer S19j Pro and Antminer S19 XP variants.

In August, CleanSpark made the acquisition of its location in Georgia, and in September, the company paid $33 million to acquire the local mining facility Mawson Infrastructure Group. During that time, the corporation said that it intended to support a mining fleet consisting of up to 70,000 units by the year 2023.

Early in the year 2020, the Nasdaq stock market granted CleanSpark permission to begin openly trading its shares. The following year, the business completed a stock offering that resulted in the raising of $200 million in capital.

Because of the more than 76% drop in the price of Bitcoin from its peak to its trough, miners have been compelled to reevaluate their business strategy in order to ensure their continued existence over the long term. In December, Core Scientific, one of the most significant companies in the business, submitted its application for bankruptcy in Chapter 11 of the United States Bankruptcy Law. Greenridge Mining Company, on the other hand, was given a $74 million bailout so that it could continue operating.

Some miners have been able to prosper despite the bear market by keeping their energy costs low and avoiding taking on too much debt. Matthew Shultz, executive chairman of CleanSpark, made the following statement in October: “Bitcoin mining is a viable option for providing additional chances for energy development.”

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Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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