CleanSpark, a prominent Bitcoin mining company in the United States, is expanding its operations significantly by establishing a new facility in Cheyenne, Wyoming. This expansion is part of the company’s broader strategy, which includes acquiring a second site in Wyoming and entering Tennessee through the acquisition of GRIID Infrastructure. CleanSpark has recently become the second-largest Bitcoin miner in the US by market cap, after outperforming Riot Platforms.
The newly acquired facility in Cheyenne, Wyoming, has a power capacity of 30 MW and is expected to add over 2 EH/s to CleanSpark’s hashrate once operational. It will be the company’s second fully immersion-cooled site, with construction set to begin immediately and operations scheduled to commence by the end of 2024. CleanSpark plans to deploy the latest S21 immersion XPs, the most efficient Bitcoin mining machines available, to increase the site’s operational output further.
With the completion of 75 MW of power contracts and the acquisition of the Cheyenne facility, CleanSpark is moving forward with acquiring a second site in Wyoming, which will contribute an additional 45 MW and 3 EH/s to the company’s hashrate. This expansion will bring CleanSpark’s owned-and-operated Bitcoin mining portfolio to twelve data centers in Georgia, three in Mississippi, one in Wyoming, and co-locations in Tennessee and New York.
CleanSpark’s CEO, Zach Bradford, expressed excitement about the expansion into Wyoming and highlighted the state’s support for the industry, including the launch of the University of Wyoming’s Bitcoin Research Institute and Senator Lummis’s introduction of the BITCOIN Act. The company aims to collaborate with local, state, and national leaders to expand its footprint in Wyoming and beyond.
The expansion into Tennessee through the acquisition of GRIID Infrastructure is expected to add over 400 MW of capacity in the next two years, further solidifying CleanSpark’s position as a major player in the Bitcoin mining industry. Despite the recent stock price decline, CleanSpark has experienced significant growth, surpassing its mid-year hashrate target and increasing its Bitcoin production by 6.7% in June.
CleanSpark’s hashrate now stands at 20.4 EH/s, more than double what it was in December 2023, thanks to the addition of new miners at various facilities. The merger with GRIID Infrastructure provided CleanSpark with an additional 20 megawatts of power and further expanded its operational capabilities. Despite the recent stock price fluctuations, CleanSpark’s overall performance has been strong, with the stock showing significant gains over the last year.
