CleanSpark Bold Move: Doubling Bitcoin Hash Rate Ahead Of Halving Surge

CleanSpark plans to double its hash rate by mid-2024. The Bitcoin miner will buy four new mining facilities before the cryptocurrency mining reward gets halved. This move aims to boost CleanSpark’s mining capabilities in the coming months.

However, CleanSpark just told us on Feb. 6 that they spent $19.8 million to get three Bitcoin mining spots in Mississippi. Once the deal is done, these places will start churning out 2.4 exahashes/second (EH/s) immediately.

The company will purchase another mining place in Dalton, Georgia, for $6.9 million. This spot will make 0.8 EH/s, but it’s still being built and will be ready in April 2024. CleanSpark’s stocks increased by 12% after sharing this news.

CleanSpark is boosting its computer power a lot. They will soon switch on more machines in Sandersville, adding six EH/s to how fast their computers work. This will increase their overall computer power, at least doubling it from 10 EH/s to 20 EH/s in the first half of 2024.

Bitcoin Miner CleanSpark Gears Up for Halving

CleanSpark is ge­tting ready for the forthcoming Bitcoin halving occasion. Schedule­d for the end of April, this eve­nt reduces the be­nefit for mining a Bitcoin. It drops from 6.25 BTC to 3.125 BTC.

Buying these things helps us work better as we prepare for the halving,” stated CleanSpark CEO Zach Bradford in the announcement.

CleanSpark’s hash rates are sorted by location now and expected in the future. Source: CleanSpark

CleanSpark ended the day on Feb. 6 at $8.70, marking a more than 12% increase. According to Google Finance, it managed a small uptick of just under 0.5% after trading hours.

CleanSpark’s stock price on Feb. 6 was sourced from Google Finance.

That day, Marathon Digital Holdings and Riot Platforms saw their share prices rise. Marathon’s shares rose by 2.5%, while Riot’s increased by 4.5%.

In 2023, CleanSpark’s stock shot up by a whopping 440%, but as 2024 rolled in, it took a bit of a dip, dropping 20% this year.

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The author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing.

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