CleanSpark Acquires New Bitcoin Mining Sites: What's Going On With The Mining Stock Tuesday?

CleanSpark Inc CLSK shares are trading higher Tuesday. The company announced the acquisition of two new mining sites, as well as the closing of its second site in Wyoming.

What To Know: CleanSpark shares were up more than 3% in early trading Tuesday before pulling back. The Bitcoin BTC/USD mining company said it acquired two mining sites in Mississippi, and closed on its second site in Wyoming.

CleanSpark acquired the two new sites in Mississippi for a combined price of $5.775 million. The purchase price includes the cost of completing construction required for the sites. The locations are expected to support a total of 16.5 megawatts (MW).

The Mississippi acquisition is expected to be delivered to the company turnkey ready at the start of December. The sites will house S21 pro miners with an expected combined operating hashrate of approximately 1 EH/s. The addition of these sites will bring the CleanSpark’s data center portfolio in Mississippi up to 60.5 MW.

CleanSpark also announced that it closed on its previously announced site in Wyoming on Sept. 11. The site is expected to add 3 EH/s to the company’s hashrate.

“Including today’s announcement, our operational capacity has soared over the last seven days totaling 211.5 MW of new capacity. That’s an increase of nearly 38 percent, which will not only support our target of 37 EH/s by the end of 2024, but also our target of 50 EH/s in 2025,” said Zach Bradford, CEO of CleanSpark.

“CleanSpark’s rapid growth underscores our ongoing commitment to deliver long-term shareholder value.”

See Also: If You Invested 1% Of Your Portfolio Into Bitcoin In 2019 When Tom Lee Told You To, Here’s How Big Its Share Would Be Now

CleanSpark shares closed Monday down 3.3% as crypto-related stocks traded lower alongside the broader crypto market. Bitcoin was up 0.91% over the last 24 hours, trading at $58,991 at the time of publication, per Benzinga Pro.

CLSK Price Action: CleanSpark shares were up 1.32% at $9.19 at the time of publication, according to Benzinga Pro.

Photo: Shutterstock.

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