CleanSpark’s $144.9 million deal with Bitmain will double its fleet’s total operational mining capacity by the end of the year.
CleanSpark, a cryptocurrency mining company, has chosen Georgia as its home base. Chief Communications Officer Isaac Holyoak told Decrypt that Georgia, and particularly the communities where they operate, see their data centers as important sources of economic strength.
“Sales tax on our energy bills pour hundreds of thousands of dollars a month into local programs and infrastructure,” he said. “We work hard to cultivate strong relationships at the community level, with mayors, city councils, and local residents, and do our best to give back. Our major power provider in Georgia, MEAG, sources large sums of low carbon energy and has been a great partner.”
Throughout the last two quarters of 2022, many miners felt the full force of the bear market, which led to several high-profile bankruptcies. Operations like Core Scientific and Argo were dumping their Bitcoin to shore up their balance sheets.
CleanSpark was one of the few operations that saw it through the tough times, according to Holyoak.
“We’ve been using the bear market to build. So, far from being a difficult time, it has been a time of tremendous growth for us. We acquired two new data centers and expanded our fleet with tens of thousands of miners purchased at some of the best market prices possible,” he said.
“Regarding selling Bitcoin, we’ve always been pragmatic HODLers,” said Holyoak. “We’ve long had a strategy of selling a portion of the Bitcoin we mine to fund our growth and operations—so no changes there for us.”
In other words, CleanSpark is a company that is committed to its community and its employees. They are also a company that is well-positioned to weather the ups and downs of the cryptocurrency market.