Why Shares Of Bitcoin Miner CleanSpark Are Climbing Today

CleanSpark Inc CLSK shares are trading higher Wednesday after the company announced it agreed to acquire two turnkey bitcoin mining campuses.

What Happened: CleanSpark said it entered into a definitive agreement to acquire two bitcoin mining campuses in Georgia for $9.3 million. 

The all-cash deal is scheduled to close later this week. The facilities are expected to add just under one exahash per second (EH/s) to CleanSpark's hashrate.

"This acquisition ensures that we have more than enough infrastructure to reach our year-end target of 16 EH/s. It also continues to position us as one of the most power-efficient miners on an energy-per-hashrate basis," said Zach Bradford, CEO of CleanSpark. 

CleanSpark noted that it continues to capitalize on opportunities created by current market conditions in preparation for bitcoin's next halving in 2024.

CleanSpark shares are also rising Wednesday alongside the broader crypto market, which is getting a boost from multiple positive developments including the launch of a new exchange, EDX Markets, backed by some big players in the finance world including Charles Schwab, Fidelity and Citadel Securities. 

The EDX Markets launch comes just days after BlackRock filed an application for what would be the first spot Bitcoin ETF in the U.S, which many believe has a good chance of getting approved. 

See Also: Fed Chair Jerome Powell Addresses Inflation, Affirms Stablecoins' Status As Money

CLSK Price Action: CleanSpark shares were up 10.8% at $4.89 at the time of publication, according to Benzinga Pro.

Photo: Eivind Pedersen from Pixabay.