Despite the prolonged bad market, bitcoin mining company CleanSpark is still growing its business. Construction has begun on a new location for the company in Georgia, Washington, which will house 16,000 miners and boost processing capacity by 25% to 34%.
CleanSpark is no newcomer to taking risky actions in a challenging environment. The miner paid $25.1 million in August to purchase a 36 MW mining facility in Washington, Georgia, together with 3,400 rigs already installed there. It has now made the decision to develop the property’s extra 50 MW of electricity. With the extension, the company’s computational capacity is anticipated to increase to between 1.6 and 2.2 exahashes per second (EH/s).
The action demonstrates CleanSpark’s dedication to sustainability, which has been a top priority for the business. While its competitors have been dealing with bankruptcies and mounting debt, CleanSpark has been able to profit from the bear market by purchasing distressed assets. The company has been able to extend its operations and purchase multiple properties thanks to a robust bank sheet and operational strategy.
CleanSpark Having The Upper Hand:
At a time when many miners are fighting to remain operating, CleanSpark’s growth ambitions are timely. Some miners have filed for bankruptcy or requested financial help as the crypto cold intensifies. However, some people are developing in novel ways despite the current market. The goals for growth of CleanSpark are evidence of both its dedication to sustainability and the tenacity of its business strategy.
The company’s goals for growth will benefit the regional economy as well. The new facility in Washington, Georgia is anticipated to create jobs & attract new companies to the region. The miner aggressively seeks out renewable energy options for its operations, thus the new location is anticipated to have a favorable environmental effect as a result of their dedication to sustainability.
Overall, the company and the sector as a whole will benefit from CleanSpark’s expansion ambitions. The miner is displaying its dedication to development and sustainability by taking advantage of the bad market, and its plans might have significant positive effects on the regional economy.