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HomeNewsBitcoin miner CleanSpark set to double hash fee as halving approaches

Bitcoin miner CleanSpark set to double hash fee as halving approaches

CleanSpark Inc. is ready to double its hash fee within the first half of 2024 after the Bitcoin (BTC) miner agreed to buy 4 new mining amenities earlier than the reward for mining the cryptocurrency is halved.

CleanSpark introduced on Feb. 6 that it purchased three mining amenities in Mississippi for $19.8 million, which is able to produce a right away 2.4 exahashes/ second (EH/s) as soon as the acquisition is finalized.

The agency additionally agreed to purchase an extra mining facility in Dalton, Georgia for $6.9 million, which is able to produce 0.8 EH/s. Nonetheless, that facility is beneath development and gained’t be prepared till April 2024. CleanSpark’s shares noticed a 12% acquire on the day following its announcement.

Mixed with the upcoming energization of its Sandersville growth — which is ready so as to add 6 EH/s to the agency’s hash fee — CleanSpark expects its working hash fee to at the very least double from 10 EH/s to twenty EH/s through the first half of 2024.

The strikes come as CleanSpark prepares for the upcoming Bitcoin halving occasion slated for late April, the place the reward for mining a Bitcoin is slashed from 6.25 BTC to three.125 BTC.

“[The purchases] enhance our working efficiencies as we put together for the halving,” mentioned CleanSpark CEO Zach Bradford within the announcement.

CleanSpark’s present and projected future hash charges by location. Supply: CleanSpark

Associated: Riot, TeraWulf and CleanSpark best-positioned miners for Bitcoin halving — CoinShares

CleanSpark (CLSK) closed buying and selling on Feb. 6 at $8.70, an over 12% acquire on the day and has seen slight positive factors of beneath 0.5% in after-hours buying and selling, per Google Finance.

CLSK’s share worth on Feb. 6. Supply: Google Finance

The share costs of two of its rivals, Marathon Digital Holdings and Riot Platforms, elevated on the day by 2.5% and 4.5%, respectively.

CleanSpark shares elevated 440% over 2023. CleanSpark underwent a worth correction to begin 2024 and is presently down 20% year-to-date.

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