Clean Spark Buys Mega Mining Facility in Georgia

Crypto mining firm Clean Spark is purchasing a whole new bitcoin mining facility in the city of Mawson, Georgia. The business – which is being sold for approximately $33 million – will help Clean Spark by increasing its hash rate to about 1.3 exahashes per second.

Clean Spark Is Building Its Empire

The topic of crypto mining continues to be a controversial one. Without mining, there would be no crypto. We all know that by now. For the most part, unless something like staking is involved such as with a proof of stake (PoS) module, most digital asset units are placed in circulation through the process of staking, which requires computers to solve complicated mathematical equations. From there, whatever units are taken from their respective blockchains are added to the seller’s pot.

Mining is an important part of the crypto industry, but it appears that many individuals out there want the process to stop. They fear mining can somehow harm the planet and lead it down a dark path from which it cannot return.

Many reports have been published over the years claiming bitcoin and crypto mining require more energy than most developing countries. There have also been several industry heads worried about how much energy mining is known to use. Elon Musk, for example, stated in early 2021 that he was going to allow bitcoin and crypto holders to use their assets to purchase Tesla vehicles if they wanted. Everyone got excited for the next five minutes.

Related:  Chainlink: A renewed interest from these holders could drive LINK towards...

However, things took a rocky turn when just a few weeks later, Musk rescinded the decision claiming he was worried about how much energy was being used in the mining process and he was concerned for the health of the planet. He later said he would only allow bitcoin to be used for vehicular purchases if miners were willing to be more transparent about their sources and use more green energy.

You also had people like Kevin O’Leary enter the anti-mining forum. The investor and famous “Shark Tank” star said he was not going to be buying any more bitcoin mined in China given the country was not known for its healthy extraction methods. Little did he know China would fully ban the practice altogether just a few months down the road.

In a statement, Clean Spark mentioned the following about the mining rigs it would be purchasing through the facility:

These machines, already operating at the acquired site, will add over 558 petahashes per second (PH/s) of computing power immediately upon closing.

Positioning Itself for Success

Zach Bradford – the CEO of Clean Spark – also threw his two cents into the mix, commenting:

This strategy positioned us to make purchases of landed rigs at lower prices, thus reducing the time between deploying capital and hashing [and] accelerating our return on investment.

Tags: Clean Spark, Elon Musk, Kevin O’Leary

Source link

Share this article: