Bitcoin miner CleanSpark set to double hash rate as halving approaches

By Gaurav Kudekar

Published on:

Bitcoin miner CleanSpark plans to double the speed at which it processes Bitcoin transactions by increasing its mining capacity.

They will achieve this by activating mining equipment in four newly acquired facilities before Bitcoin’s reward for mining is reduced. This is expected to happen in the first half of 2024.

On February 6, Clean Spark said it purchased three Bitcoin mining centers in Mississippi for $19.8 million. These facilities will start generating 2.4 exahashes per second once the deal is completed, and the Bitcoin price is currently at $44,506.

The company is buying another mining site in Dalton, Georgia, for $6.9 million. This site will generate 0.8 EH/s, but it’s still being built and won’t be ready until April 2024. After the company made this announcement, CleanSpark’s shares went up by 12% that day.

Clean Spark plans to increase its computer processing power for cryptocurrency mining. With the upcoming activation of its Sandersville expansion, the company aims to double its operating processing power from 10 EH/s to 20 EH/s by the first half of 2024.

Clean Spark is getting ready for the Bitcoin halving event in late April, where the reward for mining a bitcoin will be reduced from 6.25 BTC to 3.125 BTC.

On February 6, CleanSpark’s stock ended the day at $8.70, marking a gain of more than 12%. After the regular trading hours, it had a small increase of less than 0.5%, according to Google Finance.

Two other companies, Marathon Digital Holdings and Riot Platforms, saw their stock prices go up by 2.5% and 4.5% on the same day.

Clean Spark’s stock price went up by 440% in 2023, but it dropped by 20% so far in 2024 after a correction.

Disclaimer: The information on this website isn’t meant to be taken as advice for investing money. Investing involves uncertainty, and there’s a chance you could lose your money when you invest.

Gaurav Kudekar

I am a multifaceted content creator with expertise in blogging, finance, and cryptocurrency reviews. My creative journey involves weaving captivating stories into blogs, designing aesthetically pleasing and functional websites, and dissecting the nuances of cinema. We are dedicated to sharing our passion and insights with a global audience.

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