Bitcoin Miner CleanSpark Expands Operations

CleanSpark is a publicly traded Bitcoin and cryptocurrency mining company based in Nevada. They recently closed a deal with the Texas energy company Lancium in order to devote 500 megawatts (MW) to mining. 

Around 50 MW will be used for mining by the end of 2022 and then another 150 MW by the second quarter of 2023. CleanSpark and Lancium also have an agreement that another 300 MW may be added to the mining operation but no projected dates are confirmed for that additional energy use. 

Bitcoin’s hashrate continues to increase across the world despite China banning all Bitcoin and cryptocurrency miners last summer. The huge drop in hashrate has fully recovered and does not appear to be slowing down.

Source: Coinwarz

Kazakhstan also faced turmoil within the mining industry as governments began to crack down on unregistered mining farms. Events like these are giving the U.S. a massive opportunity to offer more regulated and stable environments for stranded miners. 

Texas in particular has been gaining recognition in the space that it is one of, if not the most Bitcoin friendly places to mine and operate in. Governor Greg Abbott has made Bitcoin and cryptocurrency incentives one of his main talking points for reelection. 

With the partnership between CleanSpark and Lancium, the two hope to build a more sustainable as well as profitable endeavor that will meet the standards for all parties involved. CleanSpark benefits from the reliable and cheap energy that Lancium provides while the energy company is able to fulfill its promise on controllable load resources (CLR) that enhances power grid reliability.

CleanSpark currently has operations in Georgia and New York while Texas is one of the recently confirmed locations that they will be operating in.