CleanSpark finalizes Bitcoin site acquisition despite concerns

Bitcoin miner CleanSpark reported securing 75 MW in Wyoming despite previous national security concerns.

American Bitcoin mining firm CleanSpark Inc. announced the successful acquisition of a Bitcoin mining site in Wyoming, overcoming previous national security concerns raised by the White House.

The company said in a July operational report published on Aug. 2 that it had secured power agreements totaling 75 MW in the state and commenced hashing operations in Tennessee, adding 1 EH/s to its hashrate in July. CleanSpark chief executive Zach Bradford highlighted the progress made, adding that the company remains on track to achieve its target of 32 EH/s by the end of 2024.

“In Tennessee, we began hashing under our agreements with GRIID infrastructure Inc. with 1 EH/s of additional hashrate added in July. We’re continuing our trajectory of growth as we progress towards our target of 32 EH/s by the end of the year,” Bradford said.

In July, CleanSpark mined 494 Bitcoin (BTC), bringing its total produced crypto for 2024 to 4,108 BTC. During the month, the firm sold 2.54 BTC at an average price of approximately $62,070 each, ending the month with an operating hashrate of 21.2 EH/s. As of July, CleanSpark held 7,082 BTC in its holdings, the report reads.

CleanSpark caught in U.S.-China political battle

The acquisition of the Wyoming site comes despite previous national security concerns. Earlier in May, CleanSpark purchased a few mining sites from MineOne, a company with Chinese ties, located near Warren Air Force Base, which houses strategic nuclear weapon systems.

Amid the purchase, President Joe Biden issued an emergency order to halt operations at the site, saying the “presence of specialized and foreign-sourced equipment potentially capable of facilitating surveillance and espionage activities, presents a national security risk to the United States.” The order also mandated the removal of all crypto mining equipment from within a mile of the military facility.

Despite these concerns, CleanSpark proceeded with the acquisition. A spokesperson for the company acknowledged the unexpected challenges but affirmed CleanSpark’s commitment to compliance and national security.