Bitcoin (BTC) miner CleanSpark is broadening operations in the state of Georgia, adding to its mining capability regardless of the ongoing bear market.

Groundbreaking on a new 50-megawatt Bitcoin mining facility in Washington, Georgia, is underway, with expected completion in late spring, CleanSpark divulged on Jan. 19. The nearly $16 million expansion is expected to increase the company’s hashrate by 2.2 exahashes per second, with total hashrate reaching as high as 8.7 EH/s.

The broadened center will host up to 16,000 miners, consisting of recently included Antminer S19j Pro and Antminer S19 XP models.

“This 2nd stage more than doubles the size of the existing operations,” stated CEO Zach Bradford.

CleanSpark bought its Georgia website in August before obtaining local mining facility Mawson Infrastructure Group the following month for $33 million. At the time, the business stated it prepared to support a mining fleet of up to 70,000 systems in 2023.

CleanSpark got approval to trade openly on the Nasdaq stock exchange in early 2020. The following year, the business raised $200 million in capital by means of an equity offering.

Bitcoin miner CleanSpark expands operations in Georgia
Like other publicly-traded Bitcoin miners, shares of CleanSpark (CLSK) have decreased dramatically over the past year. Source: TradingView.With the rate of Bitcoin

plunging more than 76%peak-to-trough, miners have been forced to rethink their business techniques to survive in the long term. Among the industry’s biggest gamers, Core Scientific, applied for Chapter 11 bankruptcy in December. Mining clothing Greenridge, meanwhile, got a$74 million lifeline simply to stay afloat. Related: Crypto miner explains how Bitcoin mining stabilizes grids Some miners have actually thrived throughout the bear market by decreasing energy expenses and preventing excessive take advantage of. In October, CleanSpark’s executive chairman Matthew Shultz told Pandoraland that “Bitcoin mining is a possible option for creating more chances for energy advancement.”