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Bitcoin miner CleanSpark (CLSK) started the construction of 50 megawatts (MW) of infrastructure, which could increase its computing power by 25% to 34%.
CleanSpark has managed to capitalize on the bear market, buying up distressed assets while its peers are facing bankruptcies and looming debt.
In August, the miner bought a 36 MW mining site in Washington, Georgia, including 3,400 rigs installed in the site for $25.1 million, amid a splurge of other acquisitions during the summer. The Washington site had the exclusive rights to another 50 MW of power, which CleanSpark is now building out, said a Thursday press release.
Once completed, the 50MW will yield computing power between 1.6 exahash/second (EH/s) to 2.2 EH/s, depending on what mining machines are installed, which will either be Bitmain Antminer S19j Pros and Antminer S19 XPs, the press release said.
CleanSpark increased its computing power threefold in 2022, and it now has 6.5 EH/s, or about 2.4% of the computing power on the bitcoin network.
Shares of CleanSpark have fallen almost 80% from its 2022 high of $12.53 to $2.53 at Wednesday’s close, which is fairly in line with the performance of its peers.
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