CleanSpark expands in Wyoming, overtakes Riot as second-largest Bitcoin miner in US

CleanSpark, the Nasdaq-listed Bitcoin miner, has announced significant expansions to its mining operations with groundbreaking facilities in Wyoming.

This move positions CleanSpark as the second-largest Bitcoin miner in the United States by market cap, surpassing Riot Platforms whose stock has retreated for nine straight days although analysts at H.C Wainwrite are bullish on it. Marathon Digital Holdings is the largest crypto miner in the US by market cap at $5.8 billion.

Two new Bitcoin mining facilities coming to Wyoming

The first CleanSpark Bitcoin mining facility in Wyoming is located in Cheyenne and it is expected to be operational by the end of the year.

The company has secured 75 megawatts (MW) of power contracts in Wyoming, with 30 MW dedicated to running S21 immersion XP application-specific integrated circuits (ASICs).

This initiative is anticipated to increase CleanSpark’s hash rate by 2 exahashes per second (EH/s).

Additionally, the company is actively seeking further power sources for the new site to enhance its mining capabilities.

CleanSpark is also in the process of acquiring a second site in Wyoming, which will utilize the remaining 45 MW of contracted power. This site is expected to contribute an additional 3 EH/s to the company’s hash rate once operational.

CleanSpark is progressing on closing the underlying real estate for this second facility, underscoring its commitment to expanding its footprint in Wyoming.

CEO Zach Bradford expressed enthusiasm for the expansion, highlighting Wyoming’s supportive stance towards the cryptocurrency industry.

In a news release, Bradford said that CleanSpark was thrilled to expand in a state so publicly supportive of the Bitcoin mining industry especially coming on the heels of the University of Wyoming announcing the launch of its Bitcoin Research Institute and Senator Lummis introducing the BITCOIN Act.

CleanSpark also expanding into Tennessee

In addition to its Wyoming projects, CleanSpark is expanding into Tennessee through the acquisition of GRIID Infrastructure in a $155 million deal that will add over 400 MW of capacity over the next two years.

The acquisition also includes a co-location in New York, further broadening CleanSpark’s operational base.

CleanSpark has made substantial strides in expanding its operations this year. In February, the company added a new facility in Georgia to its existing six sites and entered Mississippi with three turnkey operations.

By June, it had increased its facilities in Georgia to a total of twelve, reflecting its rapid growth trajectory. During June alone, CleanSpark mined 445 Bitcoin, contributing to a yearly total of 3,614 BTC.

As of June 30, the company reported holding 6,591 BTC, having sold 8.06 BTC during the month.

CleanSpark’s expansion efforts highlight its strategic approach to scaling its Bitcoin mining operations, leveraging favourable regulatory environments and substantial investments in infrastructure.

This growth not only solidifies its position in the industry but also underscores its commitment to driving innovation and efficiency in cryptocurrency mining.

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