News

CleanSpark Will Expand its Crypto Mining Capacity Up to 500 Megawatts in Texas

CleanSpark announced Thursday that it will soon expand its crypto mining capacity by 200 megawatts in West Texas, with a goal of adding 300 megawatts on top of that in the future.

The company closed a deal with energy technology company Lancium, which has been building out so-called “clean campuses” across the state of Texas, largely drawing power from renewable energy, according to the announcement.

About 50 megawatts of CleanSpark’s new mining capacity will come online by December 2022 and the remaining 150 megawatts should be operational in the spring of 2023. That will take CleanSpark’s hashrate from the current 4 EH/s to an estimated 20 EH/s.

As more and more crypto miners move to the US after the China ban, many of them have turned to Texas, with its relatively cheap power and deregulated grid. West Texas, in particular, has attracted miners drawn to the abundance of wind and solar capacity.

CleanSpark said its strategy is to both expand its own mining facilities and partner with colocation service providers such as Lancium.

“This hybrid approach helps us ensure that we always have rackspace ready to deploy new machines when they are delivered to us by the manufacturers,” said Zach Bradford, CEO of CleanSpark. “Such speed and optionality is critical as we scale our mining operations from megawatts to gigawatts in the coming years.”

The company said the deal with Lancium stipulated that a least 70% of the energy delivered should be carbon-free, “with a commitment to work toward 100% renewable energy.”

CleanSpark is expected to be located in Abilene, the company said. Lancium owns another operating site in Houston and is building out one in Fort Stockton.

In November of last year, the company said that it had raised $150 million and had its sights set on reaching 2 gigawatts of capacity in development across its sites in the next year.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

crypto mining crypto mining crypto mining crypto mining crypto mining

Victor

Recent Posts

Bitcoin Spot ETF Inflows Hit $510M, Marking Six-Day Streak

Bitcoin Spot ETF Inflows have reached $510 million as of November 13, marking six consecutive…

44 minutes ago

Solana DEX Trading Volume Hits $5B Daily for Three Straight Days

Solana DEX trading volume reached historic highs, exceeding $5 billion daily for three days. Raydium…

3 hours ago

Phantom iOS Users Lost Recovery Phrase After Updating to New Version

Phantom iOS users are warned that a recent app update caused some users to log…

3 hours ago

Japanese Crypto Exchange Coincheck Gets Approval to Launch in the US

Japanese crypto exchange Coincheck is set to become the first Japanese crypto exchange to list…

4 hours ago

DOJ Investigates Polymarket for Alleged Illegal US User Bets

The US DOJ investigates Polymarket for Alleged Illegal US User Bets Polymarket, for allegedly permitting…

5 hours ago

Get Ready for a New Level of Excitement If You Missed Ethereum ICO: Qubetics Could Redefine Success

Ethereum’s ICO was priced at around $0.30 per token, and today, it’s valued in the…

5 hours ago

This website uses cookies.