CleanSpark finalizes Bitcoin site acquisition despite concerns

Bitcoin mining company CleanSpark reported that it has provided 75 MW of energy in Wyoming despite national security concerns.

American Bitcoin mining firm CleanSpark Inc. announced that it has purchased a Bitcoin mining site in Wyoming, skirting national security concerns previously raised by the White House.

The company said in its July operational report, released on August 2, that it had secured power contracts totaling 75 MW in the state and that it had begun hashing operations in Tennessee, adding 1 EH/s to its hashrate in July. CleanSpark CEO Zach Bradford highlighted the progress, adding that the company is on track to reach its goal of 32 EH/s by the end of 2024.

“In Tennessee, we began hashing in July with 1 EH/s of additional hashrate under agreements with GRIID infrastructure Inc. We continue our growth trajectory as we move toward our goal of 32 EH/s by the end of the year,” Bradford said.

In July, CleanSpark mined 494 Bitcoin (BTC), bringing its total cryptocurrency production for 2024 to 4,108 BTC. The company sold 2.54 BTC during the month at an average price of around $62,070 each and finished the month with an operating hashrate of 21.2 EH/s. As of July, CleanSpark held 7,082 BTC, the report says.

CleanSpark caught in US-China political war

The Wyoming site purchase comes despite previous national security concerns. In early May, CleanSpark acquired several mining sites near Warren Air Force Base, home to strategic nuclear weapons systems, from MineOne, a company with Chinese ties.

In the midst of the purchase, President Joe Biden issued an emergency order to halt operations at the facility, saying that “the presence of specialized, foreign-sourced equipment that has the potential to facilitate surveillance and espionage poses a national security risk to the United States.” The order also ordered the removal of all crypto mining equipment within one mile of the military facility.

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