CleanSpark, Inc. (NASDAQ:CLSK) shares are moving lower Wednesday after the company announced that it purchased seven Bitcoin (CRYPTO: BTC) mining facilities in Knoxville, Tennessee.
The Details: CleanSpark purchased these sites for $27.5 million in cash payments and expects to close at each of the sites on or before September 25.
Once the S21 pro miners are installed, the sites are expected to generate 5 EH/s. This will increase the company's total hashrate by more than 22%. The seven locations have a combined capacity of 85 MW, with individual sites ranging from 10 MW to 20 MW.
"With this additional 5 EH/s expected to begin hashing over the coming weeks, we now expect to achieve 37 EH/s before the end of 2024," said Zach Bradford, CEO of CleanSpark.
"As we've previously discussed, our timing of the market on mining server purchases intentionally locked in low prices so that we could take advantage of opportunities like this and immediately fill acquired data center space. The GRIID acquisition, our recent closing in Wyoming, and now this new transaction represents the continued execution of our growth strategy."
How To Buy CleanSpark Stock
Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.
For example, in Cleanspark (NASDAQ:CLSK)'s case, it is in the Information Technology sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.
CLSK Price Action: As of Wednesday morning, CleanSpark shares are trading 0.80% lower at $9.27, according to data from Benzinga Pro.
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