CleanSpark Inc (NASDAQ:CLSK) has ordered 4,778 additional Bitmain S19 model Bitcoin mining rigs, the company announced Friday.
The Salt Lake City-based software and Bitcoin mining company expects to receive 1,298 of the units for deployment this summer and the remaining 3,480 units in twelve equal monthly shipments beginning in November 2021.
The rigs are expected to deliver an estimated 740 PH/s (petahashes per second) of additional mining capacity, the company said. To house them, CleanSpark has purchased 48 custom mobile mining data centers.
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CleanSpark said it has also updated the current energy data on the carbon impact of its facility, progressing towards its stated goal of being the lowest energy cost, cleanest Bitcoin miner in the US.
The company's local power supplier provided data this week on the current energy mix provided to its facilities. The power sources include nuclear, hydro-electric and solar, meaning 95% of the electricity utilized for mining qualifies as carbon-free, with only 5% provided by coal.
Within the coming quarter, the company plans to reach 98% carbon-free energy by taking certain coal power sources offline and replacing them with carbon-free sources. Additionally, CleanSpark plans to install onsite renewable microgrids to further reduce its carbon footprint with the goal of offsetting the remaining coal sources to effectively mine Bitcoin carbon-free.
All told, CleanSpark currently operates Bitcoin mining rigs capable of processing approximately 315 PH/s within its Atlanta complex, and it intends to reach between 1 and 1.3 EH/s (exa hashes per second) by the end of the summer.
"Matthew Schultz, Lori Love and I spent this week at our Atlanta, Georgia facilities, working alongside our team with electrical, engineering, procurement and construction professionals to ensure our growth plans are completed on time,” CleanSpark CEO Zach Bradford said in a statement. “We're fortunate to have the available acreage to maximize the value of our unique power agreement in a region so conducive to carbon-free power sources.”
Last week, the company announced an underwritten public offering of shares to support its infrastructure expansion and Bitcoin miner purchases.
“With capital provided by the funding completed last week, we've focused aggressively on securing additional locations, miners and facilities to rapidly expand our Bitcoin operations,” Bradford said. “The CleanSpark mining operations team is led by world-renowned operators, so identifying opportunities close enough geographically to leverage the knowledge base of our team has been a priority.
"We are extremely proud to have CleanSpark achieve what we believe to be the only Bitcoin miner to achieve 95% carbon-free operations at scale in the United States. We have a goal of pushing it further to achieve full carbon neutrality in the coming years."
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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