What's Going On With Bitcoin Mining Stock CleanSpark Tuesday?

Shares of Bitcoin BTC/USD mining company CleanSpark Inc CLSK on Tuesday announced the acquisition of five new mining facilities. Here’s what you need to know.

What To Know: CleanSpark has entered into definitive agreements to acquire five turnkey bitcoin mining facilities in Georgia for $25.8 million in cash.

The five sites range in size from 8 MW to 15 MW, for a total of 60 MW, and include interruptible-load designated power purchase agreements. The operating hashrate of the combined facilities is anticipated to exceed 3.7 exahashes per second (EH/s) upon full installation of the latest generation S21 pro miners.

“Our acquisition of these five new mining sites marks a significant milestone in our strategic growth plan and represents the leading edge of nearly one gigawatt of new opportunities being analyzed by our teams,” said Zach Bradford, CEO of CleanSpark.

“These sites not only enhance the load balancing capabilities for the local cities we work with, but lock in the achievement of our mid-year target of achieving 20 EH/s of operating hashrate.”

The definitive agreements include the purchase of mining data centers and equipment at each site, as well as the assumption of the underlying real property leases and power agreements by the company. The purchase is expected to close immediately.

CleanSpark currently owns about 300 MW of infrastructure in Georgia. After the new sites go live and the Sandersville facility is fully energized, the company expects to operate over 400 MW of infrastructure in Georgia.

It’s worth noting that Bitcoin miners and other crypto-related stocks are also seeing weakness on Tuesday as bitcoin prices continue to pull back from recent highs. Bitcoin was down 0.71% over a 24-hour period, hovering around $64,850 at the time of writing, according to Benzinga Pro.

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CLSK Price Action: CleanSpark shares were roughly flat at $19.22 at the time of publication, according to Benzinga Pro.

Photo: Wilfried Pohnke from Pixabay.